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Yellen to emphasize on data dependency – BBH

FXStreet (Barcelona) - The Brown Brothers Harriman Team view that in today’s testimony Fed Chair Yellen will likely stress on data dependency of the Fed and set the framework for the March FOMC meeting.

Key Quotes

“Federal Reserve Chair Yellen's testimony today is anxiously awaited. The market read last week's minutes dovishly. We think this was in error. Since the January FOMC meeting, a clear majority of Fed speakers have kept a possible June rate hike on the table. The minutes did not really remove it.”

“We suspect that Yellen will emphasize the data dependency of monetary policy over a date specific commitment. Her testimony will likely set the framework of the March FOMC meeting.”

“In order to keep a June hike possibility alive, we think the FOMC will drop or dilute its commitment to "patience." This word clue was defined by Yellen as two meetings.”

“There are a number of participants that expect a dovish tone from Yellen. They argue that the likely negative CPI year-over-year print (due Friday with the January reading), the slowing of the US economy, and the weak global economy will stay the Fed's hand. They also highlight the large long dollar position held by speculators.”

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