ETF Market Commentary
In prepared testimony before the JEC (Joint Economic Committee) of Congress, Fed Chair Yellen confirmed a bias towards tightening monetary policy at the central bank’s upcoming December meeting. She also indicated her intention to serve until the expiration of her term in 2018, thus giving more time to clearly assess the impact of any forthcoming fiscal stimulus package under President-Elect Donald Trump.
Today’s economic news was consistent with a data dependent Fed’s prevailing view that a return to normalization is still warranted.
Elsewhere, global economic data out of Europe (ex UK) was somewhat less encouraging.
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