WALL STREET: volatile indexes after Yellen at Jackson Hole – Corriere della Sera

17:17 MILAN (Dow Jones) – The US stock indexes are hovering around parity ‘after the words of the chairman of the Fed, Janet Yellen, in Jackson Hole. At this time the lists are in red, with the Dow Jones -0.16%, S & amp; P 500 -0.2%, while the Nasdaq Composite 0.07% salt. Investors have interpreted the speech of a number of Fed as a signal that the central bank is in no hurry to invert the course of the current monetary policy. “People were curious to see what he had to say but ‘was more’ than anything else a non-event,” says Brett Mock, managing director of JonesTrading Institutional Services. “Even Dragons will not make ‘all the difference,” says the expert. The intervention of the President of the ECB and ‘in the evening. “If you can ‘say that with the minute of Wednesday’ the Fed had taken two steps forward toward rising interest rates, then Yellen made him one back,” said Paul Dales, an economist at Capital Economics, explaining that the President of the Federal Reserve “does not seem to have changed his opinion on the weakness still ‘significant’ in the labor market.” Yellen, “repeated the old message on the cyclical decline in the participation rate, on the rise in part-time workers and low turnover,” says the expert. In addition to the president, “the low wage growth indicates a weakening of the conditions of employment.” Also according to Rob Carnell, economist at ING Bank, Fed Chairman’s comments “did not reveal anything.” In this sense, “the key issue may ‘be summed up with the word’ uncertainty ‘. Several operators are expected to Yellen was a speech without consequences and it’ exactly what ‘state.” The expert is expected, however, ‘that the September FOMC “appears somehow more’ hawk” than in the last meeting. There will be ‘a real shift, but the changes will be “sufficient to fuel expectations of an early rise in interest rates,” raising “the selling pressure on the short end of the curve of US debt” and strengthening the dollar, says Carnell . For the moment, the reaction of the Treasury ‘was contained. The year yield hit 2.44% but ‘now at 2.42%, the level prior to the speech. The words of Yellen have done instead appreciate the dollar is now consolidating the gains both to the euro the yen. In particular, the EUR / USD is down to 1.3226. The usd / yen instead ‘climbed over 104 on the maximum from 7 months to 104.18 and is now at 104.04. eli elisa.strada@mfdowjones.it (end) AFX NEWS 2217: August 17, 2014