Jefferies: September Rate Hike Off The Table, December Question Mark

If US Fed Chair Janet Yellen were to be judged based on modern trend following analysis, her reign might best be judged by the range expansion in terms of the documented number of opinion changes. Not only did more Fed governors independently opine policy thoughts that sometimes contradicted the Fed chair, but this freedom of expression could also be seen in the rather harsh media critique the first female Fed chair typically receives. Compare her coverage to the critique of those former male Fed chairs that preceded her and used balance sheet expansion to create an oddly tranquil world. Not…