Below are shorter excerpts from the past few months:   [from July 21, 2014, Issue 4.34, discussing Yellen’s Congressional testimony]  Here is the big quote for me, and the most important take-away from the 2+ hours of video (occurs around the 25 minute mark on the c-span.org video).  She was talking about how we have seen “false dawns” – where in the past, we had some good data, but the data pick-up was not sustained.  Then she goes on to say “we are watching very carefully – especially when short term overnight rates are at zero, so we have no…

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