Yellen: Rate policy needs to focus on jobs, not stability
Wednesday, July 2, 2014 at 06:57PM
Gold Prices

Janet Yellen

WASHINGTON (MarketWatch) — Federal Reserve monetary policy should continue to focus on jobs and inflation and leave stability concerns to regulation, Federal Reserve Chairwoman Janet Yellen said on Wednesday.

“I do not presently see a need for monetary policy to deviate from a primary focus on attaining price stability and maximum employment, in order to address financial stability concerns,” Yellen said in a speech at the International Monetary Fund.

Stocks barely reacted to Yellen’s remarks. Read live blog of stock market.

Yellen’s speech was a “pretty clear vote” for keeping monetary policy and financial regulation separate, said James Glassman, economist at J.P. Morgan Chase.

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The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

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