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In a prepared speech before Congress this morning, Janet Yellen said that the Fed will most likely start selling off assets this year to shrink the balance sheet “appreciably”.  Their assets are mostly Bonds, and maybe a few conservatively cut blue blazers and a handful of silk scarves.  Interest rate junkies are more concerned with the timing of the liquidation of four trillion dollars in marketable securities, and not so much with what what all the cool ladies will be wearing this fall.  Ms. Yellen said that “the Federal Funds Rate would not have to rise all that much to get to a neutral policy stance”.  She asserted that unusual price reductions have limited inflation thus far, that that monetary policy is not on a preset course.  Neither is fashion I say, Janet.  Neither is fashion.  Don’t be too hasty to peddle those scarves