Yellin' for Yellen By Ron Insana About this article: Three cheers for Janet Yellen, the president of the San Francisco Federal Reserve! The former head of President Clinton's Council of Economic Advisers says the Fed may have to keep official interest rates near zero for years. She added at a speech in San Francisco yesterday that were short-term rates not already at zero, the Fed would be cutting rates further. Good for her! The seriousness of this recession, coupled with still-evident pressures of deflation such as rising unemployment and falling home and auto prices, remains quite a concern for policymakers. Thank God she is saying it out loud, quashing talk among inflation hawks that the Fed needs to articulate an "exit strategy" before either the battle or the war against the forces of deflation is officially won. Just this morning, ADP, the payroll services company, forecast that some 473,000 jobs were lost in June, far above the... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

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