Good Morning,
Well
that was pretty anti-climactic, not that we should have expected
anything different, right? Bernanke’s speech was released at 8:30 am
just ahead of his testimony before the House FSC at 10:00 am and the
lack of any significant movement
in the precious complex, in either direction, is most likely due to the
fact that the Chairman has said nothing new. There’s a potential for
tapering of QE later this year but as unemployment and inflation remain
off-target, accommodative policy is here to
stay unless economic data gives us reason to believe otherwise but
don’t take this as a “preset course” for domestic monetary policy.
Confused yet? What’s the over/under on how long it takes for one of his
Fed cohorts to disagree with his assessment…again?
Anyway, U.S. housing starts won’t help the cause of ending the endless
money printing. Starts and permit numbers fell last month, 9.9% and
7.5% respectively. Other than the Bernanke Speaking Engagement in just a
few minutes, the Beige Book will be released
at 2:00 pm EST. Have a great day!
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