{+++}Like Bernanke, Janet Yellen indicated the Fed plans to remain data dependent in its decision making and that measured tapering will continue unless economic data takes a turn for the worse. When asked about the impact of the disappointing jobs reports for December and January on the Fed’s reaction function, Yellen said it would be premature to alter policy based on a limited sample size.
In other news from Washington, all signs pointed to the House of Representatives being ready to pass an unconditional bill to raise the debt ceiling, which likely contributed to the market’s positive action.
Interesting though that risk on sectors like gold, miners and utilities rallied.
The biotech index (IBB) made new all time highs today’s as REGN ripped over 7%.
See you in the trading room in the morning.