Traders looking to get an early start on the holiday weekend will have to wait a bit longer today, as Janet Yellen is set to speak to a sold-out audience at the Providence, Rhode Island Chamber of Commerce’s Economic Outlook Luncheon today.
Yellen will discuss the prospects for the economy and will likely parrot the usual talking points about consistent employment gains and a generally positive environment for growth — “transitory” Q1 weakness notwithstanding.
The Fed chief will also likely reiterate that ‘lift-off’ will probably come later this year, because as we learned earlier this week, the BEA and Yellen’s friends at the San Francisco Fed have now given the FOMC the all-clear to ignore Q1 GDP because once the data undergoes a second seasonal adjustment, the economy will be shown to have performed fine after all meaning the rate hike can proceed as planned.
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