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Fed’s Yellen: Stock Valuations ‘Generally Are Quite High’
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In a conversation before an audience at the IMF on May 6, 2015, U.S. Federal Reserve chairwoman, Janet Yellen, says about stock market valuations in early 2015- "I would highlight that equity market valuations at this point are generally quite high. Not so high when you compare returns on equity to returns on safe assets like bonds, which are also very low, but there are potential dangers there." She was responding to a question from IMF Managing Director Christine Lagarde on whether the Fed's low rate policies were creating a bubble in financial markets. S&P 500 company earnings for the 1st quarter- with 417 companies having reported results- show earnings growth of 0.2%, according to FactSet. The Dow Jones Average is up 0.1%, and the S&P 500 up 1%, for the year. Yellen said about financial stability- "Risks to financial stability are moderated, not elevated at this point. There was a great deal we missed before the crisis, I believe we are better prepared." The preparation includes the stress tests and higher capital requirements being set by the Fed to ensure banks can cope with losses, and the living wills arrangement for too-big-to-fail companies. Yellen conveyed her own sense of the proper role of the financial sector and the role of the Federal Reserve in promoting that role for social, economic and technological progress, in a clear and insightful manner- " A well-functioning financial sector promotes job creation, innovation and inclusive economic growth. But when the incentives facing financial firms are distorted, these firms may act in ways that can harm society. Appropriate regulation, coupled with vigilant supervision, is essential to address these issues."
Janet Yellen on stock overvaluation in May 2015
05/06/2015
Grouped Articles
Fed’s Yellen: Stock Valuations ‘Generally Are Quite High’
Wall Street Journal 05/07/2015
Janet Yellen Sees a Modest Risk in ‘Quite High’ Stock Prices
New York Times 05/06/2015
U.S. Fed's Janet Yellen at the IMF, July 2, 2014- on how she sees monetary policy focussing on full employment and price stability letting regulatory supervision take on task of curtailing bubble activity
07/03/2014
Janet Yellen reemphasizes her view of focussing on full employmen and price stability. She sees regulatory supervision, including higher capital reserve requirements and regulation of short term funding, as better able to fulfill the task of restricting bubble type activities. Yellen says she is aware of the effects on emerging markets of the Fed's policies, in a question and answer session with Christine Lagarde of the IMF.
Grouped Articles
Fed's Yellen Defends Low Rates
Wall Street Journal 07/03/2014
Falling Unemployment Doesn't Rate for Fed
Wall Street Journal 07/05/2014
Fed's Yellen Hedges Her View on Rates
Wall Street Journal 07/16/2014
WSJ's Hilsenrath: Fed Can Be Patient on Rate-Hike Debate After Data
Wall Street Journal 08/02/2014
Yellen Says Job Market Improving, but Noncommittal About Policy Effect
Wall Street Journal 08/22/2014
Activists to Fed: Premature Rate Hikes Would Hurt Poor
Wall Street Journal 08/23/2014
U.S. Federal Reserve policy under Janet Yellen- 2014-2017
02/12/2014
Grouped Articles
Fed's Yellen Sets Course for Steady Bond-Buy Cuts
Wall Street Journal 02/12/2014
Fed Puts Rate Increase on the Radar
Wall Street Journal 02/20/2014
Yellen Sticks to Plan Amid Weather Doubts
Wall Street Journal 02/28/2014
Wall Street Journal 03/20/2014
Fed Cuts Bond Buying by Another $10 Billion
New York Times 03/19/2014
Federal Reserve’s Bond-Buying Fades, but Stimulus Doesn’t End There
New York Times 06/19/2014
An indepth look at the experiences and events shaping the thinking of Janet Yellen, chairwoman of the U.S. Federal Reserve
10/09/2013
Applebaum provides an depth look after many intervews with people close to to Janet Yellen. He points out the influence of the thinking on unemployment of Pofessor James Tobin of Yale on Yellen. A must read for people interested in insights into her thinking.
Grouped Articles
Yellenâs Path From Liberal Theorist to Fed Voice for Jobs
New York Times 10/09/2013
Yellen’s Not on Team Krueger When it Comes to Inflation and the Unemployed
Wall Street Journal 04/16/2014
Yellen Tells N.Y.U. Graduates to Expect Failure and Learn From It
New York Times 05/21/2014
Fed's Yellen Defends Low Rates
Wall Street Journal 07/03/2014
Activists to Fed: Premature Rate Hikes Would Hurt Poor
Wall Street Journal 08/23/2014
Recognizing Bubbles But Still Cautious About Deflating Them
New York Times 09/10/2014
Daniel Tarullo, Kenneth Gibson, Timothy Clark, of the Large Institution Supervision Coordination Committee at the U.S. Federal Reserve- guardians for a safer U.S. financial system
03/05/2015
Hilsenrath provides this illuminating account of how Daniel Tarullo has led the effort to build a safer U.S. financial system since the financial crisis of 2008. Tarullo was placed in charge of the LISCC as the focal point of bank supervision by Fed chairman Ben Bernanke. Under Janet Yellen the New York Fed bank supervisors now report to Tarullo directly and the Federal Reserve sets the rules for bank safety, as the New York Fed's Dudley was seen as not effective in bank supervision. Tarullo has pointed out out that he was getting tired of cleaning up the mess left by other bank supervision agencies. Kenneth Gibson and his deputy Timothy Clark, assist Tarullo in running the LISCC in conducting stress tests and setting rules for bank supervision. The trio may be some of the most unsung heroes who helped clear the mess left from ineffective bank supervision from the pre 2008 period. Sheila Bair former head of the FDIC and Tarullo provided a remarkable service to the nation in this critical period of putting the nation back on its feet after the errors leading to the financial crisis of 2008.
Grouped Articles
Washington Strips New York Fed’s Power
Wall Street Journal 03/05/2015
Banks Bend, Don’t Break Under Fed Stress
Wall Street Journal 03/06/2015
Fed’s Tarullo Reiterates Support for Raising “Systemically Important” Threshold
Wall Street Journal 03/20/2015
Fed’s Yellen: Stock Valuations ‘Generally Are Quite High’
Wall Street Journal 05/07/2015
Janet Yellen and Fed Predecessors Find Common Ground Onstage
New York Times 04/07/2016
Yellen Warns Against Erasing Regulations Made After Financial Crisis
The New York Times 08/25/2017
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