Although Fed’s Vice Chairman Janel Yellen is a well-know dove and her official testimonial statement before the Senate was released beforehand, her comments at the Q&A session yesterday did move the market. Wall Street gained with the DJIA and the S&P 500 indices gained +0.35% and +0.48% respectively. The US dollar and Treasury yields fell amid expectations that QE measures might stay longer.
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Risk Appetite Soared as Dovish Yellen Maintained Accommodative Bias
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