The big news this day was Yellen’s testimony before congress where she stated the Fed could raise interest rates at any time or Fed Meeting.
She also stated the economy is moving along slowly meaning no rate increases are imminent. Some observers thought the Fed may never raise interest rates to wit JP Morgan started charging investors to make deposits.
She did not correct her December 17th statement that falling oil prices are “a net positive” for the economy. This is strange given the number of unemployed workers in the energy industry combined with serious economic and business losses in the sector. This will have a “net negative” impact on the economy.
Economic data today was mixed. PMI Services Flash was higher 57 vs 54.2 expected