by Graham Summers, Gains Pains & Capital:
The entire move last week was the result of Ben Bernanke waffling about when to taper QE (if ever).
The Fed hinted at tapering QE a mere two months ago. We now know that half of the Fed’s Board of Governors want QE tapered or even stopped entirely by the end of the year.
And yet, for some reason Bernanke cannot bring himself to even consider this, as he stated on Wednesday (after the market closed of course) that a “highly accommodative policy,” would be needed for some time.
Stocks hit a new high on the announcement.
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