While Yellen's testimony in before Congers was certainly the biggest event last week, FED Vice Chairman Stanley Fischer stated in much simpler than Yellen words during his interview with CNBC that:

"We've gotten used to thinking of a zero interest rate as normal—it's far from normal,"

It's "about time" (to rise rates)

In regards to the term "patience" which replaced "considerable time" in FED forward guidance Fischer said: "it could happen, depending on the data, at any meeting."

Speaking at the University of Chicago Booth School of Business Fischer also said: “There’s no good reason that I can see for us to telegraph every action that we have to take.”



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