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All Eyes on Yellen

All Eyes on Yellen

Yesterday saw Janet Yellen, the future Chairman of the Federal Reserve and consequently most influential global financial policy maker, testifying before a Senate Banking Committee in Washington. In her testimony, she confirmed that she will support the Feds current stance of monetary stimulus in order to reduce unemployment until she sees a robust recovery. She will take over from Ben Bernanke in January and has fully endorsed her predecessor’s strategies. She did, however, concede that this era of low interest rates and quantitative easing cannot carry on indefinitely.

In the UK, GBP had another good day on the markets yesterday. Following on from Mark Carney’s optimism regarding the state of the UK economy, the Pound continued to rise against the Euro. We have also seen GBP rise to its highest level in 4 years against the Japanese Yen due to speculation that the British economy will recover at a faster pace than Japan.

In the Eurozone, Q3 GDP figures, although pretty much in line with expectations, showed little to be positive about. Although technically out of recession, growth of 0.1% hardly instils optimism especially when down 0.4% year on year.

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