Yellen Speech: Desirable if fiscal package had incentives to raise productivity growth

Janet Yellen, Chairwoman of the Federal Reserve, is responding to questions from the press, with key headlines, via Reuters, found below:

• Would be desirable if fiscal package had incentives to raise productivity growth
• I consider the behavior of Wells Fargo to have been egregious and unacceptable
• Fed is committed to taking actions necessary to make sure that right set of controls are in place at Wells Fargo
• The steps taken to normalize are well justified

Key headlines:

USD/JPY skyrockets through 112.00 as market re-adjusts Fed rate hikes pricing

The US Dollar has found an incredibly strong commitment to re-adjust its value into much higher levels across the board as a result of a more hawkish FOMC. USD/JPY saw an initial spike towards 112.00, followed by further follow through to touch a fresh daily high of 112.37.

EUR/USD drops sharply to 1.1860 after FOMC meeting

EUR/USD lost more than a hundred pips after the FOMC meeting. A stronger US dollar across the board pushed the pair to the downside.  

About Janet Yellen

Janet L. Yellen took office as Chair of the Board of Governors of the Federal Reserve System on February 3, 2014, for a four-year term ending February 3, 2018. Dr. Yellen also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body.