This page has been archived and commenting is disabled.
Watch Today's 2:15 pm FOMC Press Conference Live And Interruption Free Here
While today's 2:15 pm FOMC press conference is still some time away, it is never too late to reserve your seats: the conference will be presented below live. We will liveblog the event in the off chance Bernanke says something that may be even modestly unexpected, such as the truth.
In case anyone is still confused about what is going on:
Chairman Ben S. Bernanke will hold press briefings four times per year to present the Federal Open Market Committee's current economic projections and to provide additional context for the FOMC's policy decisions.
In 2011, the Chairman's press briefings will be held at 2:15 p.m. following FOMC decisions scheduled on April 27, June 22 and November 2. The briefings will be broadcast live on the Federal Reserve's website. For these meetings, the FOMC statement is expected to be released at around 12:30 p.m., one hour and forty-five minutes earlier than for other FOMC meetings.
The introduction of regular press briefings is intended to further enhance the clarity and timeliness of the Federal Reserve's monetary policy communication. The Federal Reserve will continue to review its communications practices in the interest of ensuring accountability and increasing public understanding.
Live link. We have picked a green frame border for obvious reasons.
Updates:
- FED RAISES ESTIMATES FOR 2011 CORE INFLATION TO 1.3%-1.6%, WAS 1.0%-1.3% BEFORE
- FED REDUCES GROWTH OUTLOOK FOR 2011, SEES TRANSITORY INFLATION
- FED POLICY MAKERS SEE 3.1% TO 3.3% ECONOMIC GROWTH FOR 2011, WAS 3.4%-3.9% BEFORE
- FED FORECASTS HEADLINE INFLATION OF 2.1% TO 2.8% THIS YEAR
The Chairsatan speaks.
Supposedly, despite the drop in the economy, Bernanke still sees strength in the employment trend.
Bernanke's voice sounds like a Stradivarious tremollo.
Bernanke remains confident he can tighten whenever needed. When the tie for tightening comes, he will consider both parts of his dual mandate. Nothing about the third mandate.
Bernanke expects Q1 GDP of under 2% but believes slowdown is
"transitory", factors are the "weather", weaker construction, and "less
momentum"
On how Bernanke's policies are destroying the middle class: we care about low inflation and attracting foreign capital to boost the dollar. Pinocchio is spinning in his grave.
What will the Fed do on surging fuel prices? A.Gasoline prices have risen quite significantly. This is a bad development (and an understatement). All of the increase in demand for oil has come from emerging economies. On supply side we have disruptions in MENA, which has driven gas prices up. All of the increase in the inflation forecast comes from the jump in gas prices. Nothing the Fed can do about surging gas prices without detailing growth. "The Fed does not print oil." But Fed will try to stop pass through costs from rising (whatever that means).
How is Fed working to create sustained job creation? A. Labor market is improving. Must make sure it is sustainable. Is encouraging to see improvement in recent months, although pace is quite slow.
Is there anything the Fed can do to prevent the public from believing higher inflation is coming? A. The inflation expectations we are worried about are medium term. In the indexed bond market see near-term inflation expectations rise significantly, but "for the most part" it is fair to say medium term expectations have not moved very much, and "indicate confidence in the Fed." In the short run can communicate what our policy is attempting to do, and what steps we are willing to take. If inflation persists, there is no substitute for action.
What will be the impact on the economic recovery when QE2 ends? How long with the Fed continue reinvestments? A. Will complete program without tapering. End of program is unlikely to have effects on market or economy. We hope to have telegraphed what we are planning to do. We subscribe to a stock view of securities purchases, which means that what matters is not the pace of ongoing purchase, but size of portfolio of Fed holdings. The amount of securities will remain constant so we don't expect an adverse effect from halting QE2. As for ending reinvestments will base decision on evolving outlook.
QE2 appears to have been ineffective. Can you end the program in June with unemployment rate still at 9%? A. I do believe QE2 was effective: we saw that first in the financial markets: we saw increases in stock prices, and reduced spreads. You would expect that based on decades of economic data that easing financial conditions would lead to easing economic conditions [but have not]. The conclusion that QE2 has been ineffective is wrong as it did the things it set forth to do. The trade offs are getting less attractive at this point. Unclear we can get improvements in payrolls without additional inflation risk, and if we are going to do a sustainable recovery, we need to keep inflation under control.
Can Fed effectively reduce long-term unemployment? A. LT unemployment is the worst it's been in the post WWII world. More people are unemployed for over 6 months than ever. Blah Blah Blah.
Do you think the US will be downgraded? A. This event [S&P warning] will provide one more incentive for congress to resolve the fiscal US problem. It's constructive.
Isn't it possible that the Fed's policies could be providing the reason for inflation? A. We don't view our policies as different from ordinary monetary policy. Problem is chosing the appropraite path of tightening, we have lots of experience in doing so? [Oh really, how many times has the Fed actually tightened under Bernanke's control].
What do you think will happen to the dollar? A. It will eventually rebound. Next question.
Some question about Rogoff and America's imminent bankruptcy. Same worthless answers.
This whole conference has been a complete and utter disappointment, and a disgrace for the jouranlistic profession. All the "reporters" who were there and asked the completely irrelevant questions they did will not be forgotten.
»
- 48476 reads
- Printer-friendly version
- Send to friend
- advertisements -
yes this is the best the press can do.
My wife commented: "He is like a one of those wind up dolls that you just pull the string and it says the same thing over and over"
That was straight up scripted and precensored bullshit... "You [the press] wanna ask the Master a question? Submit them pre-"briefing" for approval."
Ben to the US Citizens ....................../´¯/)
....................,/¯../
.................../..../
............./´¯/'...'/´¯¯`·¸
........../'/.../..../......./¨¯\
........('(...´...´.... ¯~/'...')
.........\.................'...../
..........''...\.......... _.·´
............\..............(
..............\.............\...
And just when you thought the press conference was another shit show of an idiotic and misguided understanding of economics-- the post conference coverage just went full retard with Al Broadus' comments in applauding the efforts of the chairsatan.
To answer the earlier question posed here, "When will the next press conference be held?"
After an EXTENDED PERIOD ...
Sometime later today, the NSA will sit down with the ChairSatan and show him the "technology analysis" of his press conference ... including their ability to build a "personality algorithm" that provides the ability to make high confidence projections on future behavior as well as his ... what's the term ... truthiness
barliman
Bloody brilliant...and believable too!
And that's that. Way longer than I expected, even a bit meatier. But ultimately . . . can't help ya folks. Only Wall St. gets early tips. Thx Bernank
I almost threw up when I heard Bernanke's quasi-claim that he has to destroy the dollar in order to save it
I almost threw up when I heard Bernanke's quasi-claim that he has to destroy the dollar in order to save it
The Bernank touch USD getting trashed!
Well there you have it folks, what a Pfucking joke, no wonder every country on earth is passing the USA. I just can't Pfucking believe what I just saw.
I feel like I am in the middle of a Twilight Zone episode after that.
I didn't like that fucking langue-de-bois... Gold 1527.25 new all time high didn't neither... Silver 47.51 didn't neither...
Fuck you Bernank, fuck you private bankers, now it's time to drop your fiat. Better, to increase your epic fail expectations. I know some bullion dealers that will embrace that view too.
Now it's Fuck the Fed song time!
http://www.youtube.com/watch?v=-6Fpoebz2LE&feature=channel_video_title
And tomorrow more stockpiling...
one important thing to note: despite the constant gibbering on the subject on ZH, there WONT be QE3.
there will be QE3 ...it'll be recycled from income to buy more US Govt junk debt nobody else on the planet will buy
no, there WONT be QE3 - not that anyone here will ever come out and admit they were wrong - and morphing the definition of reinvestment of interest to = "QE3", doesnt change that fact. painful as it might be for the gibberers.
Some of us have always said no qe3 until ben sees the whites of the deflation monster's eyes.
I expect qe3 in some form or another late fall at the earliest.
Yeah, because its been renamed CDI (Currency Devaluation Infinity!)
OK. So imagine you are anywhere in the world except the United States. Now imagine you can buy "one" of our fifty states for an amount of gold. What is that worth? Where's your pile and how high is it? Which would you rather have? The little shiny pile of gold that may or may not be "gold (bars being sometimes bars, and sometimes, not...tee hee:)!)
So say, just for fun we pick one of the fifty United States. Let's pick...ta duh....! Kansas. Now Kansas ain't famous for much except Dorothy's little ride whereupon she choose to leave Kansas and go to Oz. Now, cepting that, how much would you pay for Kansas. After all, it's flat, and has been called "flatter than a pancake" but any state with a Mount Sunflower has to be something that has a pretty good value? And of course, Kansas is the home of the Topeka Mudcats. Go Mudcats!
That's what I'm a thinking anyways.
So Kansas which has the Missouri River as one of its borders and its part of that Great Plain of the United States that has always been our breadbasket is a reminder of the value of our dollar. Our dollar is backed by Fifty Great States, three-hundred million people (not counting them newcomers who may or may not feel a loyalty to us) and the backbone of the American people. That backbone has been wishy washied a bit by the propaganda of anything goes and we are all the same and none of the rules and guides that made us great matter anymore, but when the going gets tough, we Americans buckle up and show the world what we are made of. So I'll take the US Dollar and Ben Bernanke and the IMF and China can kiss my grits and just stop sending us anything. We'll be just fine.
Or as beloved Kansas says, (and where I may be moving to;)!)
Ad astra per aspera which means:
"To the stars through difficulties"
Thank you, Kansas. You remind us who we are with those words. And by the way, I love you Ben Bernanke. Tell the critics to shove off, you are doing the best that one little bearded man standing in front of a hurricane can. God Bless!
Not sure you grasp the dynamics here. The more they print, the more debt they bail out all over the world using US tax dollars... it doesn't matter how hard people in Kansas work. Their labor is worth less now than it was. Not because they're not great Americans, because some snakelike central bankers have pulled the rug out from under them.
Thanks for answering so clearly.. I might have overreacted without reading that. It's in no fucking way lalaland yet and can ony get worse as far as I now.
They indeed can't stop thir ZIRP, raising rates to just 1% would bail out the US gov because of the interest of the debt. And there is clearly not enough will to start rethinking the economy. Consuming MUST change in a responsible way for the future but the human being is clearly too inclined to want more and more. And more. This is empirically irresponsible.
Try first to understand what means growth for the physical implications. If all physical wealth of the world could be reduced to a cubic meter 3000 years ago and the global wealth growth would be say just only a tiny 0.5% but for those 3000 years
Consider growth as
Yt = Y0(1+r)^t
Yt = numeric value after time t (cubic meters)
Y0 = numeric value at t = 0 (1 cubic meter)
t = time factor (3000 years)
r = rate increase factor (0.005 = 0.5%)
... where is my calculator...
Yt = 1*(1+0.005)^3000
Yt = 31490914 cubic meters or a cube of around 146m per 146m per 146m
There cant be sustained GDP growth as its compounds remain quantitative. Must think qualitative. Stop listening to these greedy banksters. Time to learn and act responsibly?
Well, what was all that Fed about? Quantitative Easing ??? Fuck the Fed.
Edit: win point you take 5% growth, you get 4.3477681*10^82 cubic meters. Can you imagine that? Just 4.5% difference and a difference factor 10^76 at the end.
Very interesting post -- limited resources, unlimited desires. Solution: print like a mofo. :)
Yeah, that's all well and good, but the amount of wealth in the world is in no way limited to physical resources. That's the brilliance of FINANCE.
They get to collect a share of "money" today from calculated wealth that won't exist for another 30 years.
That's why a $500 trillion derivatives market is a problem. It's why the global financial system has already been destroyed. More money than has ever and will ever exist has already been lost.
Woops.
Yeah, finance is the key to enjoying tomorrow's inflation, today. Ya gotta love the FED system. But abuse can kill any golden goose. Just how big is that derivatives market? I've heard 60 trillion, 500 trillion, 1.4 quadrillion.
Yes, and bankers and central bankers and politicians know that our "can-do" attitude and "buckling up" and our delusional optimism in the face of tyranny make us ideal for being bent over, over and over and over.
Silver Up 5% ...Benny Bucks down the toilet
The world of central planners is an odd place.
I think we should have a Bernank press conference every week. Every time he talks it does wonders for my investments.
So if the FED is buyin MBS's blindly, isn't the FED in effect buying America one mortgage at a time, and with gas going through the roof, it would seem that they are in for another round of fire sale mortgage purchases..... WHY IS THIS POINT NOT NEWS?
The truth would rattle perceptions of solvency.
(duplicate)
This clown is rather laughable. His comments on 'dollar strength' were without any credibility. Is anyone with me to organise a protest on the sidewalks of DC at say the September meeting of the FOMC? We, of all Fed cynics, should be the initiators of such protests in this country of dissent. Damnit, I serious here!
http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm
Just bought another $10K of silver off Apmex. Thanks, Ben.
It's simple, really. What will be worth more in 2015, my silver, or my $10K? Is there anyone on earth right now who'd say $10K?
- 04-27 15:10: USD hits fresh three-year low vs. six major currencies as Bernanke conducts press conference
All you need to knowIf the American public is experiencing no jobs, foreclosures, and higher food and fuel costs; all negative. Why are the people that put them in this position, i.e. the Banks, paying out huge bonuses and making tons of money?
Did anyone else get a 10 second silent patch just as he was getting into the nuts and bolts of continuing to maintain its balance sheet by reinvesting proceeds of maturing mortgage-backed and Treasury securities?????
yes
Hmmm...for me it was the most significant part of the whole jaw flapping exercise. Coincidence...?
What an utter waste of time! What utter bullsh*t! These were suppose to be journalists?
If the journalists were intelligent or had any balls they would ask the tough questions, but they are all part of the spin and want to keep their jobs.
....................../´¯/)
....................,/¯../
.................../..../
............./´¯/'...'/´¯¯`·¸
........../'/.../..../......./¨¯\
........('(...´...´.... ¯~/'...')
.........\.................'...../
..........''...\.......... _.·´
............\..............(
..............\.............\... to FED Reserve is all I can say. Eat shitz you POS Ben
If you have ever been to an academic job talk, you would recognize this for one. He started out nervous with voice quivering. He felt his performace was improving as time went on. And by the end, it seemed he like he was of the belief that he had given good answers and so he became more relaxed and even stretched it a bit to show how good he was. So laughable. But I'm telling you, that is what those conformist shit heads at Princeton sound like when they are giving their job talks trying to get hired. Nothing controversial. Little nervous. Affable. Bullshit.
This is for the fucking media.
....................../´¯/)
....................,/¯../
.................../..../
............./´¯/'...'/´¯¯`·¸
........../'/.../..../......./¨¯\
........('(...´...´.... ¯~/'...')
.........\.................'...../
..........''...\.......... _.·´
............\..............(
..............\.............\...
The Bernanke opening his mouth is like lighter fuel to PMs.. smh
Just fucking pathetic.
Nice beard. Wait, was he talking or did my audio drop out again? This shit is beyond fuckery...we need to invent better terms for it.
Fking hell , i cant decide what was worse. Bens answers or the fucking total fuckwads on CNBC's reaction. My god this system is so fubar. Its not long now kiddies , if we make 2012 without meltdown we will be lucky.
TRANSITORY! LOLZERSKATZORS.
That was a great press conference...
FOR ME TO POOP ON!
I liked the part where everyone had a computer screen to read all spontaneous questions and answers. Did they have little speakers in their ear if they got to stand up and sprach?
The last of the dollar shorts and PM bulls getting sucked in at this moment.
Au will top at $1535, Ag top already in.
Key statement of the press conference
The benefits of security purchases are starting to diminish as inflation could have a negative effect on employment growth.
Hedge your physical accordingly.
You're saying they're gonna raise rates? Be clear here.
Please comment ROBOTRADER
Let’s cut Ben some slack.
I design consumer goods. About 10 years ago our sales people started to realize that our two best selling products were defective. I knew this because I designed them and found the problem before production started. We went to production anyways, with defective product because our pres. picked the factory with the best, freshest and most abundant Asian hookers. He also got a nice kickback. Who can argue with Chinese pussy & cash back!!
I later stood up in front of our hostile U.S. sales team with a speech explaining why about 5% of our product was defective, how we found the defect and how we are fixing it. I also noted that most defective product was already sold and this whole thing was under control. Watching Ben made me relive that speech. – I’d didn’t stammer like he did but I felt like he sounded.
We shipped the defective product and still ship defective product. We found that paying famous athletes to wear our product made our customers forget that it does not work. It took about 8 years for the quality issues to catch. The Asian hooker train ran off the tracks around 2009.
Ben’s knows there is shit under the surface.
Ben’s bosses want him to keep the hookers coming as long as possible.
Ben’s going to do as he’s told. No need to personally attack him. Like Bob Dillon said “You gotta’ serve someone”.