Reading between the lines of Fed Chair Janet Yellen’s latest speech

Sunday evening … Imagine 10,000 years ago on an open steppe, your tribe witness to the rising of an oversized full moon, colored burnt or bloody, then darkening altogether. What could it mean? Famine, drought, flood, sickness …?

It means the Fed’s going to tighten, that’s what. (I’ll miss the celestial show; the Broncos kick off at moonrise. No telling what it means for them.)

This week was thin for U.S. economic data. From overseas, news of deepening slowdown in China and emerging distress (Brazil), but we knew that. Markets jittered, waiting for next week’s flash reports of September’s economy. If weak, next Friday’s employment data will be our last chance for a stay of execution by Fed Chair Janet Yellen.

The biggest story of the week is the hardest to interpret…