Those who spend their days (and nights) in front of Excel are all too familiar with what a Circ is. For everyone else, just assume it means circus.
Such as this "circular"|"circus" response by Bernanke to California Representative Miller question which was as follows: "looking at the impact of QE3 has had on the mortgage market rates, we're historically at levels right now, I'm not seeing much change, but maybe that's what the intent was. But the Fed's balance sheet, like you said, had $3 trillion of holdings. Do you think that the mortgage interest rates are where they should be to meet the objectives of QE3. And do you think they need to be lower?" Enter the circ(us):
"One of the paradoxes is that the best way to get interest rates up is to have low interest rates, because that promotes a stronger growing economy, and that causes interest rates to rise. In some ways, the fact that interest rates have gone up a bit, and it happens on the real and not the inflation side, is actually indicative of a stronger economy, which is, again, suggests that maybe this is having some benefit."
So... since Bernanke wants rates rising and thus indicating a stronger economy, all the Fed has to do tomorrow is announce it will no longer monetize bonds and mortgages, whose yields are at or near record low precisely because the market can and has been front-running the Fed's now $85 billion in monthly purchases for the past 4 years.
We can't wait as the Fed unleashes unseen economic growth and prosperity by halting its infinite balance sheet expansion.