Janet Yellen was efficient in executing the Fed’s game plan during her debut appearance on Capitol Hill, says Alan Levenson, Chief Economist for T. Rowe Price. Yellen also expressed confidence in the economy despite the recent softness in employment data, which likely gave investors confidence to keep buying, says Levenson. Levenson says that the shortfall in the December and January payroll reports was probably less due to bad weather than the fact that the preceding monthly jobs reports were exceptionally strong. Levenson’s biggest worries about the economy are a soft housing market and emerging market troubles boiling over to U.S. shores.
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