FYI, this is sort of ridiculous…
Fed doesn’t say anything new. Market reacts.
Well that immediate drop in stock prices sure is fun. I love the Bernank.
I’m still reading through this, but it appears that Bernanke said at least two material things:
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He provided a tentative schedule for ending asset purposes.
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He expressed the possibility of changing the unemployment target of 6.5%.
Either of these would be significant information for predicting QE.