(This post originally appeared in Townhall.com | Image from Townhall)
By Dan Celia
Federal Reserve Chairperson Janet Yellen has been speaking this week to the Senate Banking Committee and the House Financial Services Committee, with everyone hanging on her every word. All the financial news media and other press outlets have covered her remarks, breathlessly waiting to see what the markets will do.
Well, they might have been doing this six months ago, but now we are seeing and hearing very little reaction from the markets. This non-reaction is evidence of what I have been writing about for several months—namely, the irrelevancy of the Federal Reserve.
More importantly, to me it confirms what I’ve also been saying for so long—that we have had a market built primarily on false positives. Continue reading…