Live Webcast Of Bernanke Testimony To Senate

At 10 am Eastern the Chairman will go before Senate to deliver his agency's semi-annual Monetary Policy Report to lawmakers. Tomorrow he will do the same before the House. Speaking before the Senate Banking Committee, Bernanke will face questions about the nation's current economic situation.  He is also likely to field lawmaker's comments on how the nation's economy will be impacted by sequestration. Perhaps someone will inquire about the Fed's exit plans, but that is unlikely as there are none. Perhaps someone else will inquire what Bernanke's closing print target for the S&P and the EURUSD are. We, and numerous GETCO synthetic momentum algos, are looking forward to both.

*BERNANKE SAYS BENEFITS OF EASING OUTWEIGH COSTS, RISKS
*BERNANKE SAYS FED HAS TOOLS TO TIGHTEN MONETARY POLICY
*BERNANKE SAYS MORE QE MAY ERODE CONFIDENCE IN FED EXIT ABILITY
*BERNANKE SAYS VERY LOW RATES `COULD IMPAIR FINANCIAL STABILITY'
*BERNANKE SAYS FOMC INTENDS TO SUSTAIN EASING AS LONG AS NEEDED
*BERNANKE: FED TREASURY REMITTANCES MAY DECLINE IN COMING YEARS
*BERNANKE: SEQUESTRATION COULD CAUSE SIGNIFICANT ECONOMIC BURDEN

Watch it live at C-Span-3 link after the jump.

Summing it all up:

Inflation 11, Risk 10, Debt 9, Cost 9, Balance Sheet 5, Benefit 3, Gas Prices 1,
Exit 1, Unicorns 0

Full bernanke speech:

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Comments

[reasonisgone]

I am shocked how intellectually dishonest Bernanke is. He knows there is no possibility for the banks to lose money in the unwind of QE. He bought the treasuries at outrageous levels and if he has to sell them either for inflation or economic recovery reasons , he will have to sell them at a loss. A loss that is estimated to be around $500 billion if we revert to the mean.2 points 1)just like gains on the treasury positions as he purchased them went to the treasury, the losses will also have to go to the treasury and 2) pair it with the new debt levels at over 100% to gdp and the rise in debt service and you are facing at least a trillion deficit with half being a one time event and the rest recurring. And this is a conservative estimate because if inflation gets ugly , forget about it. So now he says he may not sell for a long time but hes marking to market on the way up shouldn't he do it on the way down?

[khakuda]

It is truly scary.  He continues to INSIST he is reducing the deficit by printing money and remiting the interest back to Treasury, when all he is doing is allowing the Treasury to borrow for 0% and debasing the currency to do it.  He continues to claim it is a free lunch.

[resurger]

Fuck you ..