Fed Chair Yellen did not comment on Fed policy or the economy Fed Chair Yellen did not comment on Fed policy or the economy in her prepared remarks. She stuck to the conference topic of inequality, and said it is of great concern to her. Inequality is estimated to be near the highest in a century. She thinks inheritance is a significant source of economic opportunity, while the higher costs of education are a limiting factor.
Week of 10/20 Money Supply to be released at 16:30
Futures continue to suggest sharply higher open Stock futures continue to suggest a sharply higher open for the broader market. The housing starts and building permits reports for September showed increases of 6.3% and 1.5% respectively, versus expectations for starts to be up 5.4% and permits to rise 2.7%.
Boston Fed's Rosengren said it's too soon to make an adjustment on QE Boston Fed's Rosengren said it's too soon to make an adjustment on QE plans, in comments from a CNBC interview. But he acknowledged that QE4 could be considered if the economy gets weak. However, it's premature to make judgments on the market turbulence. Though Europe faces significant problems, the fundamental outlook hasn't really changed. And so far, there hasn't been enough of a shift in U.S. data to alter views either. So he still believes the first rate hike should be seen in 2015. Rosengren is one of the most dovish on the FOMC, but it doesn't appear that he is on board with more stimulus yet.