- Yellen says US economy may see some spillovers from China financial turmoil if it leas to slower growth in important trade partners
- She does not think spillovers to US will be very large
- US-China financial working group meetings focused on pressures in financial sector and banks stemming from local gov't debt problems and real estate
- Group to meet shortly for larger discussions on China's macro situation
- The jury is still out on a return to a low rates era
This all sounds kinda ominous.