It is Friday, and the market is in danger of posting its first weekly loss in months. Which means it is time for everyone's favorite Fed mouthpiece, Jon Hilsenrath to hand over the podium to his true superior, Ben Bernanke, by posting the Chairsatan's response letter to Republican Darrel Issa in which he defends QE and leave in the following: "There is scope for further action by the Federal Reserve to ease financial conditions and strengthen the recovery." And just to make sure that as Hilsenrath is to the Fed, so Reuters is to the ECB, we get the following tried and now simply pathetic regurgitation of the Spiegel rumor from this Sunday (which was since denied at least two times for the simple reason that Germany will never agree to open-ended debt monetization until global stock markets are literally collapsing) via Reuters: "ECB considering setting yield band targets under new bond buying programme according to sources." Of course, neither Ben has said anything new, nor the ECB has said something that is on the margin either credible or actionable (recall that earlier today the ECB explicitly said its hands are tied until the Kardinals of Karlsruhe make their decision in 3 weeks), but the market doesn't care, and surges. Sadly for the programmed market ramp, the non-news was leaked too early, and should have been released at 3:30 pm at the earlier. Look for a full German denial shortly.
Full Bernanke letter response to Issa's prior letter :