I do have a long dollar position via UUP; the dollar still has not broken support but the chart is getting a bit less bullish here with today's news.
p.s. I have a short but very enlightening interview from the "Meredith Whitney of Europe" this morning via CNBC, waiting for the video to become available so I can post it on the site. It goes hand in hand with this appointment and what foreigners believe the US will do in the future... dovetails with the Richard Lehmann thesis we posted yesterday.
- Federal Reserve Bank of San Francisco President Janet Yellen is President Barack Obama’s pick for vice chairman of the central bank in Washington, two people with knowledge of the selection process said.
- Yellen, 63, would replace Donald Kohn, a 40-year Fed veteran who resigned last week effective June 23. Yellen, who served as President Bill Clinton’s chief economist in the 1990s, said last month that the U.S. economy “still needs the support of extraordinarily low” interest rates. She would gain a permanent vote on monetary policy, instead of having a vote one year out of every three as a regional Fed chief.
- Gregory Hess, a former Fed economist who’s now faculty dean at Claremont McKenna College in Claremont, California, said Yellen’s views on inflation may be “worrisome” to investors and could result in higher bond yields.