For the third time in a row, a speaker from the Fed has opened their mouth and the market has fallen in. This time, unlike Yellen's silliness, Bernanke admitted a few ugly truths by removing hopes for an IOER cut and bluntly explaining that the Fed 'will not go back to work' to help Schumer and his fiscal cliff buddies:
- *BERNANKE SAYS FED ABILITY TO OFFSET HEADWINDS `NOT INFINITE'
- *BERNANKE SAYS FED DOESN'T HAVE TOOLS TO PREVENT GOING OFF CLIFF
- *BERNANKE SAYS HIS FISCAL ADVICE IS `DO NO HARM'
- *BERNANKE: WRONG TO THINK INTEREST ON EXCESS RESERVES MAJOR TOOL
S&P futures fell around 8 points as he uttered these words but was rescued by some anxious BIS scrambling in EURUSD, before falling back to reality (along with AAPL).
S&P 500 futures...
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Leaving S&P 500 futures at yesterday's day-session open...
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and AAPL at yestereday's VWAP now...
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Charts: Bloomberg