Dollar falls after Fed's Yellen makes no monetary policy comment

Xinhua via ZUMA

Last month, Trump said Cohn, a former executive at investment bank Goldman Sachs Group Inc., was under consideration along with Yellen.

Advocating excessive regulation of the United States economy, with the lion's share of restrictive measures adopted in the past eight years, Yellen said that feeble yet steady growth is deemed better than a series of "boom-bust" cycles in the economy.

They had been hoping she might give a signal on when the Fed next plans to raise interest rates or on when it plans to start unwinding its $1tn worth of asset purchases - Quantitative Easing in the jargon - carried out since the crisis.

Analysts had not been expecting major announcements heading into Friday's much-anticipated summit of central bankers in Jackson Hole, Wyoming.

It could be her final appearance at the Jackson Lake Lodge as the Fed's leader, since her term is up in early February. This weekend's gabfest, though, is likely to attract more attention.

After detailing just how bad the recession was - noting that almost 9 million jobs were lost from 2008 to 2010, resulting in the loss of millions of homes - Yellen went on to list key regulatory reforms put in place during the depths of the recession, and exactly how those steps improved the overall financial stability of not only this country, but economic systems worldwide.

At the same time, tensions might be arising between Cohn and Trump. Cohn said he ultimately chose not to leave because of the duty he feels to his job.

Federal Reserve Bank of Dallas President Robert Kaplan may have helped fuel the sharp move before Yellen's speech by saying the central bank can afford to be patient on raising interest rates even while noting it should shrink the balance sheet soon.

Trump's Afghan strategy: Key US official to arrive in Islamabad tomorrow
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Draghi didn't address the financial health of the eurozone, which includes the 19 nations that share the euro currency. Some investors had expected him to send some signal about when the European Central Bank will begin scaling back its monthly bond purchases, which have been meant to keep borrowing rates low.

Reforms that followed the 2007 to 2009 crisis had strengthened the financial system without impeding economic growth, and future changes should be modest, Yellen said in prepared remarks. "She's really putting a stake in the ground".

After Trump's delayed denouncement of white supremacists at the August Charlottesville protests, Cohn drafted a letter of resignation, according to The New York Times. Well, not exactly. But based on her remarks about post-financial crisis regulation of the banking system, she might as well have. She said the creation of the Financial Stability Oversight Council, made up of the heads of America's watchdogs, marked an important step in ensuring risky activities don't fall through the cracks. The so-called "fear index" traded at 11.26 by Friday's close.

Yellen pointed out that market measures and economic research support the notion that reforms have made the system safer. But many reforms have been implemented only fairly recently, markets continue to adjust, and research remains limited.

Trump's approach, however, contradicts this view: the president has said that Wall Street banks should not enjoy bailouts at the expense of taxpayers whatsoever, and the "too big to fail" banks should take on risks as their sole responsibility, as the CHOICE Act - a GOP replacement for the failed Dodd-Frank - allows such banks to collapse.

Trump has waffled on whether he would renominate Yellen to the post. Dodd-Frank has been an utter disaster for consumers, businesses and the overall economy.

The Republican-led House has passed legislation that would overturn numerous Dodd-Frank provisions.

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