Marketplace Morning Report for Thursday, November 14, 2013
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Federal Reserve chair nominee Janet Yellen starts the confirmation process in front of the Senate Banking Committee today. The text of her prepared remarks is already out and there are four key words in it: The Fed has, Yellen will say, "more work to do." That might mean the Fed has more stimulus to do, and stocks are rallying today. Walmart will announce its quarterly profits this morning. The National Retail Federation projects that average American shopper will spend $737.95 on holiday shopping -- that's down 2 percent from last year. And, Venezuela has a terrible inflation problem. Consumer prices jumped 54 percent last month alone. Venezuelan President Nicolás Maduro blames what he calls "hoarding and speculation," and he's taking some dramatic steps to combat the problem.
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Janet Yellen was the advocate for more transparency by the Fed. What will she do as chair? A JPMorgan Twitter Q&A quickly turned into a public relations disaster. And, there are still people who make a living selling typewriters to law offices.
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Venezuela has a terrible inflation problem, and the government's dramatic steps to fix them problem aren't likely to make a real impact.
Posted In: Walmart, Black Friday, holidays
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Posted In: Fed, Bernanke, Janet Yellen
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