The Fed’s Yellen and Fisher had a few words to say today. Yellen admits that rate policy is difficult to make in tight credit conditions. Fisher made sure to disavow any Fannie/Freddie responsibility, putting it squarely on the Treasury. FED’S YELLEN: FED POLICY NOT VERY ACCOMODATIVE, SLUGGISH GROWTH SEEN IN 2H08, INFLATION RISKS HAVE FALLEN, BUT [...]