New Fed Chair Debut

Janet Yellen went up to the Hill today to fulfill one of the silliest dog and pony shows mandated by the position. The continuity of policy in the transfer was the key - well advertised - take away. "Reporters", like Steve Liesman groped to produce interesting revelations. That the Fed "Might pause if the outlook worsened" is neither shocking nor signaling.

Time had clearly lowered the evil banker backlash of the last few years despite continued massive admissions and fines. Panelists pushed back hard against both Dodd-Frank and the cliche that became a law, Volcker Rule. Our leaders made clear the unintended consequences of these rules lies with the Fed. Chair Yellen did not have her clearest responses or command of facts in the regulatory bucket.

The rest of the pundocracy drew a line between the non-revelations and the rising equity prices, talk about phoning it in. I have a hard time believing the Winona Min. Women's Stock Club started writing buy tickets on anything said. The first debt ceiling slide by after several nasty messes seemed more important. Bottom line - The Fed is going where no Central Bank has gone before and they recognize the difficulty.

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