Market has been doing nothing this whole week because everyone is waiting for this. Better be good…
My portfolio is going to be a little volatile today.
Today we discover the Bernank’s political affiliation.
Bernanke can move markets with what he says, but unemployment won’t change between now and election if he does more QE.
Ok. He basically did not say anything… market not changed…
Surprisely gold and silver are up. I’ll take it.
But not because of anything he said. Ohai’s right, he said nothing.
The initial response was interesting. When he didn’t say QE now everything fell off a cliff. But a few moments later everything came back. I think it was still QE positive. Only a matter of time.
Actually that happens a lot during Fed announcements. Basically, no one trades while they are waiting for the announcement. Low volume means the people with fast trigger fingers move the market in one direction or the other. And then, the market goes back to where it was after a couple of minutes.
I bet the Fed spends more time crafting the semantics of their announcements than actually discussing policy…
Pet peeve (not directed at sundevl)
semantics = actual meaning (substance)
syntax = grammar, spelling (appearance)
How did semantics come to mean syntax?
According to Bernanke today: “two rounds of quantitative easing helped the economy add more than two million jobs and pushed real GDP up by almost 3%.”
He certainly has a dilemma. He’s a life long Republican, yet the GOP can’t wait to kick him out.