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Yellen says future economic downturns likely to require further use of unconventional policy

“Yellen anticipates more QE rather than wiggle room in interest rates” reports If we are indeed living in a low-neutral-rate world, a significantly less severe economic downturn than the Great Recession might be sufficient to drive short-term interest rates back to their effective lower bound.”. Even more dovish/cautious tones from Yellen but markets were closed when she made the speech so we should expect some USD-negative sentiment when Asian markets re-open.

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