"We have got to turn the page on this kind of bubble-and-bust mentality that helped to create this mess in the first place, we have got to build a housing system that’s durable and fair and rewards responsibility for generations to come. That is what we have got to do,"
Barack Obama, August 6, 2013 [5]
The economy is bad enough to warrant no taper so you BTFATH; and so bonds, stocks, gold, oil, and HY credit are screaming higher still as the money-printing will continue until morale improves. Bernanke just explained not only why there's no froth (and they'll communicate to "avoid any sharp moves"), but that 7% unemployment threshold was indicative ('just kidding'). Bernanke summed it all up well himself on the over-optimism of the Fed's projections - they are already "stretching the bounds of credibility."
- *BERNANKE SAYS FED WILL DO THE RIGHT THING FOR THE ECONOMY
That sounds very close "whatever it takes," eh, Ben; and seemed to make buyers a little nervous...
From the statement: S&P +26pts, 10Y -18bps, USD -1%, WTI +1.1%, Gold +$52
[6]
Charts: Boomberg