Epstein Secrets

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December 1 Fed officials "When the Committee begins to normalize the stance of policy...it is a day that I expect we all are looking forward to." Janet Yellen, Fed Chair, 3 December "Assuming that we continue to get good data on the economy_ there's a strong case to be made in December to raise rates." J

garnered new members; even Federal Reserve Chair Janet Yellen and Vice Chair Stanley Fischer have joined the fr

onetary policy poses to the business cycle, which is apparent in both its willingness to step back from planned rate hikes last year as well as Chair Yellen’s acknowledgment that an “abrupt tightening would risk disrupting financial markets and perhaps even inadvertently push the economy into recession.”!

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ars have come out in force. While we agree that a changing Fed reaction function is likely not supportive of substantial equity upside, we think the “Yellen put” still exists, albeit with a lower strike. Hence, we see monetary policy as providing a near-term “collar” (long put/short call) on a US equity m

d communications due to tighter monetary conditions in the face of slowing US economic data, and risk asset bears responded in force, suggesting that Janet Yellen had “broken up” with investors and that it would be prudent to sell “before it’s too late”. We agree that the changing reaction function of the Fed

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