from The Daily Bell:
Fed Finds Elixir for Tapering QE as Markets Embrace Rate Outlook … For six months, the Federal Reserve has struggled to engineer a pullback of its bond-buying program without unhinging financial markets. Yesterday, the Fed did it. After the Fed and Chairman Ben S. Bernanke expressed enough confidence in the jobs outlook to taper the pace of asset buying and extended the timeline for zero interest rates, U.S. stocks surged to record highs and 10-year Treasury yields rose just six basis points. – Bloomberg
Dominant Social Theme: The Fed always gets where it needs to be.
Free-Market Analysis: Once again we are exposed to a triumphant article about the eventual infallibility of the Fed. Yes, Ben Bernanke did initially have trouble initiating a “taper” but now he’s found the right recipe.
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