Nomura's Rochester Says Yellen Is Boxed in a Corner

The transcript discusses the Federal Reserve's comments on potential interest rate hikes and their impact on market pricing. It highlights the roles of key Fed members like Yellen, Fisher, and Dudley, and the influence of inflation data and Trump's policies. The Fed's communication strategy aims to keep options open for potential rate hikes, with a focus on market reactions and consensus. The discussion also touches on the relative influence of Fed comments versus Trump's speeches on the market and the dollar.

What is the main challenge Janet Yellen faces according to the discussion?

• Pushing back against other Fed members' pricing

• Communicating with international markets

• Managing inflation rates

• Implementing new tax reforms

Which three individuals are referred to as the 'triumvirate' in the Fed?

• Dudley, Bernanke, and Greenspan

• Fisher, Powell, and Greenspan

• Yellen, Powell, and Bernanke

• Yellen, Fisher, and Dudley

What is the significance of Dudley's comments in the context of the Fed's strategy?

• They indicate a shift towards a more dovish stance

• They downplay the importance of inflation data

• They suggest a potential rate hike in the medium term

• They confirm immediate stimulus measures

How did the market react to Donald Trump's speech according to the discussion?

• There was no change in the dollar's value

• The dollar's value became unpredictable

• The dollar weakened slightly

• The dollar strengthened significantly

What is the perceived impact of the border adjusted tax reform on the dollar?

• Positive impact according to most analysts

• No impact on the dollar

• Negative impact according to most analysts

• Uncertain impact on the dollar