"Yellen is effectively admitting that 'liftoff' was an error," Don Luskin, chief investment officer at TrendMacro, noted in a report to clients before the opening bell. "It's one and done until the environment changes substantially.
Manufacturing payrolls fall, and unemployment ticks up, confirming Yellen’s "uncertainty."
…and in changing the title of her speech, confesses “liftoff” was an error. One and done.
After all the brave talk about “first stirrings” of inflation, the “dots” come down -- again.