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[ConferredDiligence]

Stocks Extend Losses After Yellen Says "Rates Will Have To Rise"

And right on que, pm's get slammed, all on a few pre-recorded algo-driving empty words from the old-chair, non-chair Ol'Yeller!

TUESDAY, MAY 04, 2021 - 11:19 AM
Treasury Secretary Janet Yellen is speaking at The Atlantic's "Future Economy Summit" this morning - a speech she pre-recorded yesterday - and has sparked some chaos with her comments.

The highlight was this...

"It may be that interest rates will have to rise a little bit to make sure our economy doesn't overheat''

And this didn't help...

"We've gone for way too long letting long-term problems fester in our economy"

Is she talking about Fed-sponsored wealth-creation widening the inequality gap?

And the response - stocks puked as one would expect at the first signs of the punchbowl being taken away...

The dollar also spiked on the comment...

We wonder what Jay Powell will have to say about Janet stepping on his toes? Did she just start the process of thinking about thinking about thinking about normalization?

Same as it ever was...

https://www.zerohedge.com/markets/stocks-extend-losses-after-yellen-says-rates-will-have-rise