• Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate
  • The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market
  • The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run.
  • Gold & silver smash commences…

yellen-4

The following is the unofficial transcript of yesterday’s FOMC press conference with Fed Chairman Janet Yellen.
As with all transcripts, the quality is only as good as the transcriber, and yesterday’s Fed transcriber missed a lot.
We’ve cleaned things up as much as feasible to turn this around and publish it quickly so that our readers can get the gist of the press conference.
The full text of the transcript is below the jump.

Bernanke taperJanet Yellen’s first FOMC statement is out:

  • Fed tapers another $10 billion/month beginning in April
  • Beginning in April, the Committee will add to its holdings of agency mortgage-backed securities at a pace of $25 billion per month rather than $30 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $30 billion per month rather than $35 billion per month. 
  • Gold & silver smash commences on que

Janet Yellen’s first Full FOMC release is below:

  • MOPE reaches spiritual levels as Fed states is prepared to increase or reduce asset purchases (we have no idea what our plan is- that should instill confidence in the market!)
  • ZIRP to remain as long as official unemployment remains above 6.5%
  • Metals breaking out to the upsideFull FOMC statement is below:

Bernanke-Dimon-Fed-TunnelAhead of today’s FOMC statement (and in light of Eric Sprott’s 2nd installment of Do Western Central Bankers Have Any Gold Left?), we thought it a good time to recall a conversation between Alan Greenspan and others made at a December 1992 FOMC meeting in which key secrets were revealed regarding manipulation of the gold market by Western Central bankers.

As The Doc discussed with Eric Sprott in our recent interview, the US exported $4 billion in gold in December.   Eric pointed out that $4 billion is 2.5 million ounces of gold exported in a single month, when the US produces 8.8 million ounces annually.  Eric asked rhetorically where 2.5 million ounces of gold were coming from.
Courtesy Former Chairman Alan Greenspan and the minutes from a Dec 1992 FOMC meeting, we just may have the answer for Mr. Sprott…

QE∞ is now QE∞er, and QE4 is official as the Fed announces $45 billion in NEW unsterilized monthly treasury bond purchases, exactly as expected by the market.

  • FED INCREASES QE WITH $45 BILLION IN NEW MONTHLY TREASURY PURCHASES
  • FED TO CONTINUE MORTGAGE BONDS PURCHASES AT $40 BILLION PER MONTH
  • OPERATION TWIST EXPANDED INTO UNSTERILIZED BOND MONETIZATION
  • MONTHLY PURCHASES TO TOTAL $85 BILLION
  • FED: RATES TO STAY EXCEPTIONALLY LOW WITH JOBLESS ABOVE 6.5%
  • Gold and silver popping

Full FOMC statement below:  and Click here to watch Bernanke’s Press Conference on QE4 LIVE at 2:15pm EST: