In response to an FT article by Sam Fleming on 15th July 2015, entitled 'Fed says US economy favours 2015 rate rise'
"Ms Yellen singled out a pickup in consumer spending and strong sales of cars in May and June as evidence that US households now have the confidence and means to make big purchases"
Really? How does the above fit with this?
"U.S. retail sales unexpectedly fell in June as households cut back on purchases of automobiles and a range of other goods, raising concerns the economy was slowing again"
Reuters, Tuesday July 14th 2015
"The second-quarter suddenly doesn't look very strong as retail sales for June, showing broad weakness, came in way below expectations, at minus 0.3 percent. Motor vehicles were part of the reason, excluding which sales came in at only minus 0.1 percent...The fall in restaurant sales doesn't speak to the strong levels of consumer confidence that are being reported, readings that the Fed has been pointing to as a future indicator of strength for consumer spending. A look at year-on-year sales underscores the complete lack of consumer punch, at only plus 1.4 percent for total retail sales and only plus 2.7 percent for the core"
Bloomberg Economic Calendar, Tuesday July 14th 2015 http://www.bloomberg.com/markets/economic-calendar/
Dr Yellen's above assessment of the economy is nonsense. She is either misinformed, totally incompetent, working on her spinning techniques, or delusional. Whatever, if this is her view of where the economy is heading, I'd be surprised if she could find her own nose in a fog