5 year rates are up like 20 bp at the moment

Water Cooler
#1

FYI, this is sort of ridiculous…

#2

Fed doesn’t say anything new. Market reacts.

#3

Well that immediate drop in stock prices sure is fun. I love the Bernank.

#4

I’m still reading through this, but it appears that Bernanke said at least two material things:

  1. He provided a tentative schedule for ending asset purposes.

  2. He expressed the possibility of changing the unemployment target of 6.5%.

Either of these would be significant information for predicting QE.