Yellen’s Theory of Relativity

(1) Fed is in no rush to hike rates. (2) What is the meaning of time? (3) Yellen says “considerable time” is data dependent, not date related. (4) So time is relative, or simply irrelevant. (5) Don’t watch the clock, watch the game. (6) PBOC stealthily injecting liquidity? (7) Inflation remains a no-show. (8) Friedman’s phenomenon remains a phantom. (9) Nonmonetary explanations for lowflation. (10) Europe is on the edge of deflation, while Japan edges away from it.