The Federal Reserve chair defended current financial regulations, an implicit rebuke of President Donald Trump's bid to lighten financial oversight. Fred Katayama reports.
Federal Reserve chair Janet Yellen defending financial regulations Friday. Meeting with other central bank chiefs like Japan's Haruhiko Kuroda and ECB's Mario Draghi in picturesque Jackson Hole, Wyoming, she said the rules the U.S. put in place after the Great Recession strengthened the financial system. Yellen did not talk about what investors were eager to hear: monetary policy. Stocks rallied as a result. FBB Capital Partners president Mike Mussio says no news on that front was good news: SOUNDBITE: MIKE MUSSIO, PRESIDENT, FBB CAPITAL PARTNERS, (ENGLISH) SAYING: "She didn't really give any clue in terms of data points from a lower wage inflation they're looking for or lower unemployment which is kind of a driver. So the market is factoring in that it'll be longer term before we see the next rate hike and low interest rates in support of prices. So that's probably why we had a little bit of a pop this afternoon." Her defense of current rules amounts to an implicit rebuke of President Donald Trump's bid to lighten financial oversight. But she acknowledged some changes could be warranted, such as relaxing the Volcker rule that limits equity trading by banks.