by Mish Shedlock, Mish Talk:
Treasury Secretary Janet Yellen tried to comfort the markets today. Her comments appear to have been counterproductive.
Everything Under Control
The financial system is still orderly according to Treasury Secretary Janet Yellen in prepared remarks before the US Senate Committee on Banking.
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“The U.S. financial system has continued to function in an orderly manner, though valuations of some assets remain high compared with historical values,” said Yellen
In other remarks, Yellen noted “potential for continued volatility and unevenness of global growth as countries continue to grapple with the pandemic.”
And “Russia’s unprovoked invasion of Ukraine has further increased economic uncertainty.”
Are Yellen’s comments a relief or an official denial that things are becoming unglued?
At a minimum, it appears there is increased uncertainty about things being “under control”.
What likely roiled the markets were her accurate comments “valuations of some assets remain
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