EUR 23.44 For Business Accounts Only

THE WEEKLY TRACK - UNSPOKEN

The week past maybe best described by what wasn’t said rather than what happened. Less was said about policy even as the data pointed to potential for a global recovery. Last Friday brought the FOMC Chair Yellen speech where she made no mention of raising interest rates and said policy “may want to aim at being more accommodative” during recoveries. To be fair,the focus for her speech as on research after the crisis - "We need to know more about the manner in which inflation expectations are formed and how monetary policy influences them," Yellen said in her speech for the Federal Reserve Bank of Boston's 60th Economic Conference. "Ultimately, both actual and expected inflation are tied to the central bank's inflation target,whether that target is explicit or implicit."