Financial Review

Saying Nothing


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Yellen speaks and says nothing. Brits poll for Brexit. Saudis invest for non-oil future. SCOTUS rejects cases involving Glaxo, Google, and Ecuador. Zuckerberg’s password is dadada. Financial Review  by Sinclair Noe for 06-06-2016 DOW + 113 = 17,920 SPX + 10 = 2109 NAS + 26 = 4968 10 Y + .02 =  1.72% OIL – .01=  49.68 GOLD + 1.20 = 1245.70 The S&P 500 closed at a 7 month high and is now just 21 points from the record high back in May of last year.   Federal Reserve chair Janet Yellen delivered a speech today in Philadelphia. The event was the last insight into Fed thinking before a media blackout takes effect ahead of the June 14-15 monetary policy meeting. One week ago, the market betting was on a June or July interest rate hike from the Fed; then Friday, we saw the very, very weak non-farm payrolls report from the Labor Department. The economy added just 38,000 jobs in May, the smallest gain since September 2010. So, what did Yellen say about the Fed’s stance on rate hikes now?   Well, it depends on what you wanted to hear. Yellen said the jobs report was disappointing but she warned against attaching too much significance to it on its own. Yellen said. “Other timely indicators from the labor market have been more positive.” Amid the “countervailing forces,” she said, “I see good reasons to expect that the positive forces supporting employment growth and higher inflation will continue ...
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Financial ReviewBy Sinclair Noe