Yellen getting grilled
She's getting taken to task for saying oil declines would be good for the economy
- Clearly declining oil prices have some negative consequences
- On balance, lower oil prices are good for the US
- Market volatility being driven by global outlook, not Fed
- Market response to Fed liftoff was tranquil
Yellen has been asked about negative rates again today and said the Fed hasn't done an extensive analysis of the legality. She also said the outlook hasn't shifted enough to warranta rate cut.
