Yesterday, the Fed Chair testified and discussed that there is still a considerable amount of slack...

Yesterday, the Fed Chair testified and discussed that there is still a considerable amount of slack in the labor market, particularly in the housing sector. Yellen believes economic activity will expand, unemployment will decline gradually, and inflation will reach the 2% objective. The rate of long term unemployment has plenty of room for improvement and thus monetary accommodation is still necessary. Once again, Yellen mentioned that rates would have to stay low for a “considerable” time period even when quantitative easing is over. As per Yellen, geopolitics is a prominent economic risk as tensions in Ukraine continue to intensify. We saw a selloff yesterday in the markets when Putin announced he would pull his troops away from the Ukrainian border and delay the referendum. Gold and Silver declined closing on the downside $19.70  at 1288.90 for June delivery and closing .303 cents lower at 19.342 for July delivery. The BOE and ECB have both decided to leave rates unchanged at .50% and .25% respectively. Initial Jobless Claims for the week ending 5/3 dropped 26,000 with a reading of 319,000. This drop was expected with people away for the Easter holiday. Have a great day!