SF Fed president Yellen sees a sluggish revoery later this year but sees spare cpacity in the economy limiting inflation. She does not expect the Fed’s injection of reserves into the system to produce inflation. Fragile banks and commercial real estate are the big risks for the economy, she says.
Sounds like she is in the “low rates for some time ” camp.
EUR/USD is bumping up against offers in the 1.4170/80 area after bouncing from 1.4130.