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You can find the current article at its original source at https://www.theguardian.com/business/live/2016/may/27/markets-us-growth-figures-janet-yellen-putin-greece-live
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US GDP growth revised higher, ahead of Yellen comments– business live | US GDP growth revised higher, ahead of Yellen comments– business live |
(35 minutes later) | |
6.43pm BST | |
18:43 | |
Yellen: need to be cautious on rate rises | |
And now the key question. She is told that a New York money brokers are delaying their weekend trip to the Hamptons to see if she says anything market moving. So here is her chance to move markets (laughter) so can she say anything about the path of monetary policy? | |
Yellen: The economy is continuing to improve, we saw weak growth in first quarter of year. It looks to be picking up from data we monitor... We will monitor incoming data and risks. | |
It’s appropriate for the Fed to gradually and cautiously increase our overnight interest rate over time. In coming months such a move would be appropriate. | |
On negative interest rates, we considered it briefly. There could be a number of negative repercussions so we didn’t pursue it and it’s not something we are thinking about now. But other countries are using it. So we have to be cautious. | |
If we were to raise interest rates too quickly and we trigger a downturn we have limited scope to respond. We should be cautious about raising rates too steeply. | |
6.37pm BST | |
18:37 | |
On the economy, she says it has been a slow recovery but we have made a great deal of progress. We have created 14m new jobs since lowest point for employment. | |
We’ve made a lot of progress. That said, further gains are possible, we’ve not seen much improvement in wage growth. | |
But the growth of output has been remarkably slow. We have a lot of jobs being created in the face of not much output, so that means productivity growth is quite slow. | |
With respect to inflation, it has been running below the Fed’s 2% objective for a number of years. | |
There are a number of reasons, the plunge in oil price, a marked depreciation of the dollar pushing down import prices. | |
These seem to have stablised, and if we continue to see stability, inflationwill move over next couple of years to near target. | |
6.28pm BST | |
18:28 | |
Yellen says they are trying to be better at spotting financial instabilities, and they have a better process for doing that. | |
Updated | |
at 6.29pm BST | |
6.27pm BST | |
18:27 | |
Yellen is praising her predecessor Ben Bernanke for being brave during the financial crisis, but she admits they did not see the crisis coming. | |
@Fedreserve212 Janet Yellen "America owes Ben Bernanke an enormous debt of gratitude" @WBUR @RadInstitute pic.twitter.com/ib7bXzALm9 | |
6.25pm BST | |
18:25 | |
Bloomberg has a better feed here. | |
6.20pm BST | |
18:20 | |
Janet Yellen is now on stage at the Radcliffe Institute where the chair of the Federal Reserve is being given the Radcliffe Medal, “presented annually to an individual who has had a transformative impact on society.” | |
Of course the big interest is what - if anything -she might say about a June rate hike, given the suggestions from a number of Fed members in recent days that such a move may be on the cards. | |
At the moment she is being asked about her background and general comments about economics. | |
A link to the discussion (albeit a bit sporadic) is here. | |
5.51pm BST | 5.51pm BST |
17:51 | 17:51 |
Helena Smith | Helena Smith |
The Russian president Vladimir Putin was quick to stamp the tone on his two-day visit as he begun talks with the Greek prime minister Alexis Tsipras, reports Helena Smith: | The Russian president Vladimir Putin was quick to stamp the tone on his two-day visit as he begun talks with the Greek prime minister Alexis Tsipras, reports Helena Smith: |
“In Moscow and St Petersburg we have discussed our prospects of economic collaboration in detail. Of course there are many problems and times are difficult but for sure there are good prospects,” said Putin. “We have to transform the good relations of [our] two peoples into tangible economic results.” | “In Moscow and St Petersburg we have discussed our prospects of economic collaboration in detail. Of course there are many problems and times are difficult but for sure there are good prospects,” said Putin. “We have to transform the good relations of [our] two peoples into tangible economic results.” |
Greece and Russia, fellow Orthodox states, with a common heritage that goes back to Byzantium have hailed 2016 to be a “year of Greek-Russian friendship.” | Greece and Russia, fellow Orthodox states, with a common heritage that goes back to Byzantium have hailed 2016 to be a “year of Greek-Russian friendship.” |
Putin, who is travelling with nine ministers, is expected to sign an array of agreements with Athens’ leftist-led government. Energy and tourism are expected to be high on the agenda. Tourist-dependent Greece is hungry for Russian holiday makers and industry figures have complained bitterly about the slow pace with which visas have been made available to them by the Greek state machinery - not least diplomatic services in Russia itself. | Putin, who is travelling with nine ministers, is expected to sign an array of agreements with Athens’ leftist-led government. Energy and tourism are expected to be high on the agenda. Tourist-dependent Greece is hungry for Russian holiday makers and industry figures have complained bitterly about the slow pace with which visas have been made available to them by the Greek state machinery - not least diplomatic services in Russia itself. |
Athens’ governing left wing Syriza party has spoken stridently about the need to create a “multi-faceted” foreign policy - one which will see the country furthering relations with China, Russia, Iran and Latin America. | Athens’ governing left wing Syriza party has spoken stridently about the need to create a “multi-faceted” foreign policy - one which will see the country furthering relations with China, Russia, Iran and Latin America. |
“We are trying to open up what used to be a very narrow western looking diplomatic attidude,” the country’s culture minister Aristides Baltas, a leading Syriza ideologue, told me. | “We are trying to open up what used to be a very narrow western looking diplomatic attidude,” the country’s culture minister Aristides Baltas, a leading Syriza ideologue, told me. |
“We want to remain in Europe but not in the sense of being the obedient servants of the west,” he said, adding that Greece, as an EU member state, had been obliged to follow the embargo against Russia even if didn’t agree with it. | “We want to remain in Europe but not in the sense of being the obedient servants of the west,” he said, adding that Greece, as an EU member state, had been obliged to follow the embargo against Russia even if didn’t agree with it. |
5.00pm BST | 5.00pm BST |
17:00 | 17:00 |
Back in Greece and words of welcome for president Putin from the country’s prime minister: | Back in Greece and words of welcome for president Putin from the country’s prime minister: |
We warmly welcome President Putin to Greece (@KremlinRussia_E ). 1/2 | We warmly welcome President Putin to Greece (@KremlinRussia_E ). 1/2 |
His presence in Athens marks the strengthening of our relations during the past year. 2/2 | His presence in Athens marks the strengthening of our relations during the past year. 2/2 |
As for Putin himself: | As for Putin himself: |
Putin says #Greece visit offers chance to re-examine EU-Russia problems@AP story https://t.co/mGw9JdZxeq#Russia pic.twitter.com/jb9ZwKxnHS | Putin says #Greece visit offers chance to re-examine EU-Russia problems@AP story https://t.co/mGw9JdZxeq#Russia pic.twitter.com/jb9ZwKxnHS |
4.52pm BST | 4.52pm BST |
16:52 | 16:52 |
European markets quiet ahead of weekend | European markets quiet ahead of weekend |
There’s no disguising the fact it was a pretty quiet day all round on European stock markets as the week drifted to a close. With investors unwilling to commit themselves ahead of comments from US Federal Reserve chair Janet Yellen later - albeit there is little expectation of any real hints on interest rates - there was little to disturb the horses. Even the upward revision to US first quarter GDP passed without much impact. So the final scores showed: | There’s no disguising the fact it was a pretty quiet day all round on European stock markets as the week drifted to a close. With investors unwilling to commit themselves ahead of comments from US Federal Reserve chair Janet Yellen later - albeit there is little expectation of any real hints on interest rates - there was little to disturb the horses. Even the upward revision to US first quarter GDP passed without much impact. So the final scores showed: |
On Wall Street, the Dow Jones Industrial Average is currently up 34 points or 0.19%. | On Wall Street, the Dow Jones Industrial Average is currently up 34 points or 0.19%. |
3.51pm BST | 3.51pm BST |
15:51 | 15:51 |
Competition watchdog to look at Home Retail deal | Competition watchdog to look at Home Retail deal |
In the UK, the Competition and Markets Authority said it was investigating the £1.4bn takeover of Argos owner Home Retail by supermarket group Sainsbury. | In the UK, the Competition and Markets Authority said it was investigating the £1.4bn takeover of Argos owner Home Retail by supermarket group Sainsbury. |
It said it would be looking at whether the deal would hurt competition in the UK, and it would announce its decision by 25 July. | It said it would be looking at whether the deal would hurt competition in the UK, and it would announce its decision by 25 July. |
3.49pm BST | 3.49pm BST |
15:49 | 15:49 |
Back with the US GDP figures, and we could be looking at a weak figure for the second quarter according to Markit: | Back with the US GDP figures, and we could be looking at a weak figure for the second quarter according to Markit: |
US Q1 GDP revised up from 0.5% to 0.8%, in line w/ PMI. Latter predicts similar weak Q2 rise https://t.co/FmuJFEYWNS pic.twitter.com/oLMW7MnnO7 | US Q1 GDP revised up from 0.5% to 0.8%, in line w/ PMI. Latter predicts similar weak Q2 rise https://t.co/FmuJFEYWNS pic.twitter.com/oLMW7MnnO7 |
3.24pm BST | 3.24pm BST |
15:24 | 15:24 |
#Greece's cash-strapped, overstretched security forces have deployed 2,500 police/snipers around #Athens in draconian security op 4 #Putin | #Greece's cash-strapped, overstretched security forces have deployed 2,500 police/snipers around #Athens in draconian security op 4 #Putin |
3.14pm BST | 3.14pm BST |
15:14 | 15:14 |
And here’s Russian president Putin arriving in Greece: | And here’s Russian president Putin arriving in Greece: |
#Russia president Putin arrives in Athens on official visit pic.twitter.com/pCH5tQmz7C /via @d_daso #Greece | #Russia president Putin arrives in Athens on official visit pic.twitter.com/pCH5tQmz7C /via @d_daso #Greece |
Putin arrives amid heavy security #Greece #Russia #Putin pic.twitter.com/bPOhhM3YQ5 | Putin arrives amid heavy security #Greece #Russia #Putin pic.twitter.com/bPOhhM3YQ5 |
3.09pm BST | 3.09pm BST |
15:09 | 15:09 |
US consumer confidence lower than expected | US consumer confidence lower than expected |
American consumers are more confident in May than they were in April, but the latest survey has still come in lower than analysts had been forecasting. | American consumers are more confident in May than they were in April, but the latest survey has still come in lower than analysts had been forecasting. |
The University of Michigan’s final index of consumer sentiment for May was up from 89 in April to 94.7. But this was lower that the preliminary estimate of 95.8 and below the consensus of 95.4. | The University of Michigan’s final index of consumer sentiment for May was up from 89 in April to 94.7. But this was lower that the preliminary estimate of 95.8 and below the consensus of 95.4. |
2.58pm BST | 2.58pm BST |
14:58 | 14:58 |
Meanwhile in Greece: | Meanwhile in Greece: |
#Putin has touched down in #Athens. State-run TV showing his plane drawing up at red carpet NOW! | #Putin has touched down in #Athens. State-run TV showing his plane drawing up at red carpet NOW! |
(See our preview earlier) | (See our preview earlier) |
Updated | Updated |
at 2.59pm BST | at 2.59pm BST |