Jul 16/14 – I have taken some extra stupid pills

Yesterday Yellen testified in front of the Senate in what used to be called the Humphrey Hawkins hearing but is now called the more Orwellian sounding Monetary Policy Report. Last time Yellen spoke the market was burned by assuming that Yellen would try to strike a balanced tone, and when the true Yellen dove revealed herself, there was a melt up in ris…