That's Not the Stench of Structural Imbalances, Janet My Dear
JDA's least favorite Fedhead and soon-to-be Fed Vice Chair must be a little jet-lagged or cranky if she's actually acknowledging the significant, as-yet-unseen danger ahead. Not feeling yourself, Janet? Need a nap or something? Where's that gung ho OMG THIS RECOVERY RULEZZZZ !!1!!! attitude we know and loathe?
“Although signs of recovery do abound, there are obviously significant headwinds to stability that remain,” Yellen, president of the San Francisco Fed, said in opening remarks at the district bank’s Asia Banking and Finance Conference in San Francisco. She did not comment on the outlook for monetary policy. “Those headwinds come from structural imbalances from financial sector weaknesses and uncertainties from unanticipated environmental and political events.”
Oh yeah? Wouldn't have anything to do with sovereign debt defaults, the drama in the eurozone and our ever-growing government entitlement problem, would it?