Yellen speech eyed
U.S. stocks moved between modest gains and falls, with the S&P 500 fluctuating near its record, as Yellen spoke at the symposium of central bankers.
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In prepared remarks for the annual Jackson Hole policy conference, Yellen said the Fed was now questioning both the degree of remaining slack in the labor market and the timing of rate hikes relative to that slack. But she also said it was difficult to gauge remaining slack and internal Fed gauges of the labor market suggested the unemployment rate was overstating progress.
European Central Bank President Mario Draghi will also speak at Jackson Hole, at 7:30 p.m. London time. The market is looking for Draghi to explain whether Europe will carry out its own version of quantitative easing, or asset purchases, as data in the region continues to show signs of a recovery at risk of losing steam.
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