Curse of the new Fed chairman
Deliver on the promise
“Yellen’s market” (2014 to ?) is going to have to deliver on the promise of “Bernanke’s market.” Perhaps we are finally getting some acceleration in the domestic U.S. economy, and perhaps not. Corporate revenue growth may accelerate, or it may remain moribund. There is certainly enough liquidity in the financial system to germinate into the necessary expansion. That is the baton that Mr. Bernanke passes to Ms. Yellen. As for when and how this will come to fruition, you might do well to check back in three years.