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Watch for volatility in the markets this afternoon. A failure to show a positive inclination to more easing or QE3 shouldn't have as much of a negative effect on price action as it has in the past, as the market is not expecting it as much as in previous months. One thing to look out for is the Fed's forecast on growth and inflation and if it continues to stick with the plan to keep rates low. Any mention that there is not a need to stick with the plan to keep rates low until at least 2014 should influence selling in the market. In any case, I think there is more of a chance for disappointment in reaction to the Fed's forecast rather than elation... we'll see...
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Bernanke on extending QE with QE3:
ReplyDeleteThey remain ready to do more QE as needed to make sure recovery continues. Will not hesitate to use those tools if warranted
and watch the market jump on those words
Bernanke on how much more weakness we need to do more easing:
ReplyDeleteHe just reiterated that they will do more QE as warranted without directly answering the question
Bernanke on why the Fed is not using Central Bank's tools now while economy is repressed and unemployment high:
ReplyDeleteThey are already doing a great deal with accommodative policy. Does it make sense to pursue higher inflation and the view of the committee is that that would be reckless and unwise
Bernanke hopes congress will take action to not allow the tax increases to occur on January 1st 2013
ReplyDelete