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Important News Amid Election Noise. Today's elections are important. So is  a speech delivered yesterday by Janet Yellen, President of the San Francisco Federal Reserve Bank. Discussing income inequality, not the usual fare of Fed Presidents, Yellen concluded:

"...there are signs that rising inequality is intensifying resistance to globalization, impairing social cohesion, and could, ultimately, undermine American democracy. Improvements in education are an imperative for reducing inequality and an easily justifiable investment, given its high social return. In contrast, improvements in the social safety net entails costs, even when policy interventions are well-designed from an efficiency standpoint. Even so, in my opinion, they deserve high policy priority. Inequality has risen to the point that it seems to me worthwhile for the U.S. to seriously consider taking the risk of making our economy more rewarding for more of the people."

I have uploaded the full speech here: Download yellen_11606_speech.pdf.