Markets went on a wild rollercoaster ride as Fed Chairman Ben Bernanke addressed Congress’ Joint Economic Committee, first making it clear that tapering QE today would be unproductive, then admitting that it could happen over the next two FOMC meetings if warranted by the data. Channeling his inner Greenspan, Bernanke filled the ether with words meant to mask his underlying intentions, but a few contradictions did make their way into his speech which reveal his easing bias. QE, it seems, is still here to stay.
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