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Fischer Joins Dudley; Waiting for Yellen
Last week, some market participants were giving more credence to what seemed like dovish FOMC minutes than to NY Fed President Dudley's remarks that accused investors of complacency over the outlook for rates. Yesterday, Vice-Chairman of the Federal Reserve Fischer seemed to echo Dudley's sentiment, and this has underpinned the dollar and is the major spur of today's price action. Although Fischer's speech was focused on the slowdown in productivity, he reaffirmed that the Federal Reserve was close to meeting its objectives. He expected growth to strengthen in the coming quarters. He pointed to the ... (full story)