FOMC Minutes: “Appropriate To Provide Additional Monetary Policy Accommodation”

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homeDARPAcontributorsnewsforumszh-tshirtstoredonaterssmanifesto Is Residential Real Estate Recovering? Posted by: Econophile Post date: 10/12/2010 – 13:41 There are still huge headwinds facing the residential real estate market. Shadow Inventory is not getting better, and now we have the robo-signing scandal which will only further delay recovery. Since all real estate is “local”, some markets are clearly starting to find a floor. But a “recovery” whereby prices stabilize is a couple years away. Testy Tuesday – Trichet Talks Tough at High Noon Posted by: ilene Post date: 10/12/2010 – 13:22 If only our own Fed were somehow held accountable to the people of this country – even symbolically… The Robo-Signing Mess Is Just the Tip of the Iceberg, Mortgage Putbacks Will Be the Harbinger of the Collapse of Big Banks that Will Dwarf 2008! Posted by: Reggie Middleton Post date: 10/12/2010 – 06:02 The media is staring at the wrong target. Each major media outlet is copying what is popular or what the next outlet broke as a story versus where the true economic risks actually lie. Here’s what’s truly at stake – the United States is now at risk of losing its hegemony as the financial capital of the world! Navigation PollsDonate To Zero HedgeRecent posts Shopping cart View your shopping cart. User login Username: * Password: * Create new accountRequest new password Zero Hedge Reads Angry BearBearish NewsBoom Bust BlogChina Financial MarketsChris Martenson’s BlogContrary InvestorCoyote BlogCredit WritedownsDaily CapitalistDaneric’s Elliott WavesDealBookDealbreakerDr. Housing BubbleFalkenblogFibozachiFund My Mutal FundGains Pains & CapitalGlobal Economic AnalysisGonzalo LiraImplode-ExplodeInfectious GreedInvesting ContrarianJesse’s Café Américain Market FollyMax KeiserMinyanvilleMises InstituteNaked CapitalismOf Two MindsPension PulseShanky’s TechBlogThe Daily CruxThe Mad Hedge Fund TraderThe Market TickerThe Technical TakeThe Underground InvestorWall St. Cheat SheetWashington’s BlogWealth.netWhen Genius Prevailed Home FOMC Minutes: “Appropriate To Provide Additional Monetary Policy Accommodation” Tyler Durden's picture Submitted by Tyler Durden on 10/12/2010 13:06 -0500

Ben BernankeGross Domestic ProductHousing BubbleMonetary PolicyNominal GDPReal Interest RatesRecessionrecoveryUnemploymentWarsh

Here is the key section with highlights on the November 3 QE2 announement:

Participants discussed the medium-term outlook for monetary policy and issues related to monetary policy implementation. Many participants noted that if economic growth remained too slow to make satisfactory progress toward reducing the unemployment rate or if inflation continued to come in below levels consistent with the FOMC’s dual mandate, it would be appropriate to provide additional monetary policy accommodation. However, others thought that additional accommodation would be warranted only if the outlook worsened and the odds of deflation increased materially. Meeting participants discussed several possible approaches to providing additional accommodation but focused primarily on further purchases of longer-term Treasury securities and on possible steps to affect inflation expectations. Participants reviewed the likely benefits and costs associated with a program of purchasing additional longer-term assets–with some noting that the economic benefits could be small in current circumstances–as well as the best means to calibrate and implement such purchases. A number of participants commented on the important role of inflation expectations for monetary policy: With short-term nominal interest rates constrained by the zero bound, a decline in short-term inflation expectations increases short-term real interest rates (that is, the difference between nominal interest rates and expected inflation), thereby damping aggregate demand. Conversely, in such circumstances, an increase in inflation expectations lowers short-term real interest rates, stimulating the economy. Participants noted a number of possible strategies for affecting short-term inflation expectations, including providing more detailed information about the rates of inflation the Committee considered consistent with its dual mandate, targeting a path for the price level rather than the rate of inflation, and targeting a path for the level of nominal GDP. As a general matter, participants felt that any needed policy accommodation would be most effective if enacted within a framework that was clearly communicated to the public. The minutes of FOMC meetings were seen as an important channel for communicating participants’ views about monetary policy.

On inflation:

With respect to the statement to be released following the meeting, members agreed that it was appropriate to adjust the statement to make it clear that underlying inflation had been running below levels that the Committee judged to be consistent with its mandate for maximum employment and price stability, in part to help anchor inflation expectations. Nearly all members agreed that the statement should reiterate the expectation that economic conditions were likely to warrant exceptionally low levels of the federal funds rate for an extended period. One member, however, believed that continuing to communicate that expectation in the Committee’s statement would create conditions that could lead to macroeconomic and financial imbalances. Members generally thought that the statement should note that the Committee was prepared to provide additional accommodation if needed to support the economic recovery and to return inflation, over time, to levels consistent with its mandate. Such an indication accorded with the members’ sense that such accommodation may be appropriate before long, but also made clear that any decisions would depend upon future information about the economic situation and outlook.

On the previously leaked GDP number:

In the economic forecast prepared for the September FOMC meeting, the staff lowered its projection for the increase in real economic activity over the second half of 2010. The staff also reduced slightly its forecast of growth next year but continued to anticipate a moderate strengthening of the expansion in 2011 as well as a further pickup in economic growth in 2012. The softer tone of incoming economic data suggested that the underlying level of demand was weaker than projected at the time of the August meeting. Moreover, the outlook for foreign economic activity also appeared a bit weaker. In the medium term, the recovery in economic activity was expected to receive support from accommodative monetary policy, further improvements in financial conditions, and greater household and business confidence. Over the forecast period, the increase in real GDP was projected to be sufficient to slowly reduce economic slack, although resource slack was anticipated to still remain elevated at the end of 2012.

The lone crusader against insanity continues to be Hoenig:

Voting for this action: Ben Bernanke, William C. Dudley, James Bullard, Elizabeth Duke, Sandra Pianalto, Eric Rosengren, Daniel K. Tarullo, and Kevin Warsh.

Voting against this action: Thomas M. Hoenig.

Mr. Hoenig dissented, emphasizing that the economy was entering the second year of moderate recovery and that, while the zero interest rate policy and “extended period” language were appropriate during the crisis and its immediate aftermath, they were no longer appropriate with the recovery under way. Mr. Hoenig also emphasized that, in his view, the current high levels of unemployment were not caused by high interest rates but by an extended period of exceptionally low rates earlier in the decade that contributed to the housing bubble and subsequent collapse and recession. He believed that holding rates artificially low would invite the development of new imbalances and undermine long-run growth. He would prefer removing the “extended period” language and thereafter moving the federal funds rate upward, consistent with his views at past meetings that it approach 1 percent, before pausing to determine what further policy actions were needed. Also, given current economic and financial conditions, Mr. Hoenig did not believe that continuing to reinvest principal payments from SOMA securities holdings was required to support the Committee’s policy objectives.

All in all, just as expected

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by wiskeyrunner
on Tue, 10/12/2010 – 13:07
#643661

Get your free money, free money for all $$$$$$$$$$$$$$$$$$$

Login or register to post comments by mikla
on Tue, 10/12/2010 – 13:15
#643687

LMAO, eight un-elected, non-government, non-accountable officials vote to spend $1.5T in taxpayer money, and everybody thinks this is “normal”.

You humans are really weird.

Humans are weird

Login or register to post comments by AccreditedEYE
on Tue, 10/12/2010 – 13:18
#643700

+1 lol   “How to cook humans!!” 

Login or register to post comments by goldsaver
on Tue, 10/12/2010 – 14:07
#643924

“To serve man” – Is a cookbook!!!!

Login or register to post comments by EscapeKey
on Tue, 10/12/2010 – 13:24
#643740

+1 bottle of moonshine

Login or register to post comments by chet
on Tue, 10/12/2010 – 13:49
#643860

“Don’t blame me.  I voted for Kodos!”

Login or register to post comments by HarryWanger
on Tue, 10/12/2010 – 13:08
#643662

And off to the races we go. As I said, everyone acts “surprised” when Fed says they discussed QE2. Now markets react as if they never thought it was possible. LOL!

Login or register to post comments by Tall Tree Man
on Tue, 10/12/2010 – 13:10
#643672

Wanker:  Your insights on the “marketing” of QE have been spot on this past few weeks.  Question for you: will the actual QE announcement be a sell-the-news day?

Login or register to post comments by HarryWanger
on Tue, 10/12/2010 – 13:13
#643679

If Fed says anything from 500B – 750B, market will be muted to slight pull back on “sell the news”. Anything more, which btw many are really “expecting” will shoot the market much higher. 

This is just like earnings – everyone really knows the Fed will go big on this but they act like it’ll “only” be 500B. When you get a much larger figure, market will love it.

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:19
#643706

There wont be any Q/E2, all talk and hype.

Login or register to post comments by HarryWanger
on Tue, 10/12/2010 – 13:23
#643733

Come on, SheepDog, you don’t really believe that. Question is how big and how long will it last? All at once? Billion per month until they deem it working? 

Oh, it’s gonna happen, just a matter of size.

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:47
#643852

Wont happen, because it doesnt exist. ‘Size’ of what, Colonel Kurtz Bernankes dementia?

Login or register to post comments by Millennial
on Tue, 10/12/2010 – 13:55
#643884

How does it not “exist”? I don’t think you understand inflation (QE). Inflation isn’t rise in prices, it’s the expansion of money supply. The things holding it back for now are de-leveraging and banks are afraid to lend right now so they have lent it to the govt (who guarantees them profits). Look at how much cash the govt has recently received, and look who is also now the largest employer. Look at the surge in kids and students entering the military. The money is just sitting there in vaults. 

Once spending kicks back in then there will dramatic rise in prices. I already see it at the gas station. Where I live gas will likely be $3 by end of next week; it’s already 2.89 for regular with cash.

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 14:03
#643911

How does imaginary money not exist? Is that even a question?

Login or register to post comments by Millennial
on Tue, 10/12/2010 – 14:22
#643976

Just because it’s credit doesn’t mean it doesn’t exist. 

Technically speaking Zero Hedge doesn’t exist because it’s all imaginary numbers organized in a fashion on a screen.

I mean if you ‘love” some one or believe in “God” can you prove that those “objects” exist?

BTW if banks were actually honest then your bank accounts would report only 90% of your deposits, but yet you can withdraw all of it into “real” money. So where is your argument now?

But I guess I’m full of shit. 

 

 

Login or register to post comments by Millennial
on Tue, 10/12/2010 – 13:26
#643747

There’ll be QE2. By December the Fed will feel forced into it. 

Two weeks and I’m outta here protected from the financial apocalypse by the Army. Wee!!!!!

 

I should not have had Rally’s burgers last night with a Joose. Stuff is coming out yellow. 

Which reminds me of Yellow Submarine. Which further reminds me: I’m glad Lennon is dead fucking commie hippie.

 

 

Login or register to post comments by minus dog
on Tue, 10/12/2010 – 13:33
#643784

“Two weeks and I’m outta here protected from the financial apocalypse by the Army. Wee!!!!!”

If you’re saying that as someone who has never been in… then you have no clue what you’re getting into.  That’s about the last place I’d want to be right now.

Login or register to post comments by espirit
on Tue, 10/12/2010 – 13:42
#643832

Hey, good food, a paying job, training, and sleeping under a bridge only on maneuvers.

Beats flipping burgers, waiting tables, or getting a grad degree for which there is no job to pay back the student loan.

Login or register to post comments by Millennial
on Tue, 10/12/2010 – 13:46
#643851

Obviously you don’t understand hyperbole. 

I do not know if you have been in or not, but I cannot take your advice right now mostly because you haven’t shown any evidence to “know more” than me. 

Further, if you must know try being unemployed with a MBA in Finance with zero experience right now. It’s a tough market and since I can’t find a job for the life of me for over 2 years guess what looks attractive as the green shots increasingly become more rare.

If I can save and invest a little money into silver before shit hits the fan I think I’d be better off in the Army than being unemployed with no money at all and increasing prices.

But then again may be I’m full of shit and you’re right. You got better suggestions? I mean you could say relocate, but to where? China can’t speak Mandarin, Britain? They’re in bad shape to. Plus where would I get money to travel much less food or shelter? Or may be I could work for McDonalds for ten years and not get anywhere in life and live at home. 

Please until you have a better suggestion for my situation I’d highly recommend you keep your opinions to yourself. 

 

 

Login or register to post comments by Conrad Murray
on Tue, 10/12/2010 – 14:02
#643905

What’s your MOS?  How long was the wait between sign-up and ship-out?

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 14:04
#643915

Protected from financial mishap, but in danger of needing new arms and legs.

Login or register to post comments by assumptionblindness
on Tue, 10/12/2010 – 13:26
#643750

The QE amount will only matter to the daytraders and HFT algos.  No matter what the amount is, the Fed can’t buy back the TRUST that has been lost in the market. 

Login or register to post comments by Millennial
on Tue, 10/12/2010 – 13:59
#643898

I beg to differ. QE is nothing short of inflation. While the masses may not notice it initially they will notice it when gas is back to $5 a gallon soon.

Login or register to post comments by doolittlegeorge
on Tue, 10/12/2010 – 13:34
#643788

according to ZH “they’ve been all POMO all the time” for the past 6 weeks!  Announce “we’re doing it now”?  Yeah, that’d be an interesting day!

Login or register to post comments by morph
on Tue, 10/12/2010 – 13:10
#643674

Even if they all said no chance of QE2 the market would go up because that would mean the economy is fixed.

Login or register to post comments by HarryWanger
on Tue, 10/12/2010 – 13:14
#643683

Only if they said no QE2 and kept some fairly rosy forecasts in there. They didn’t however, they suggested slower growth. So the market would have gone down if no QE2. But that’s a moot point now.

Login or register to post comments by Tall Tree Man
on Tue, 10/12/2010 – 13:08
#643664

Pilots have a term for this: controlled flight into terrain.

http://en.wikipedia.org/wiki/Controlled_flight_into_terrain

Login or register to post comments by cougar_w
on Tue, 10/12/2010 – 13:25
#643742

Nice one. Been on glide path for 18 months now.

I give them 9 more months. Short a miracle … gravity wins.

Login or register to post comments by doolittlegeorge
on Tue, 10/12/2010 – 13:36
#643797

not only can this “go on for decades” it has been “done for decades” in the past.  boys with toys.  what to say.

Login or register to post comments by cougar_w
on Tue, 10/12/2010 – 13:42
#643833

Past performance is no guarantee of future earnings.

Gravity wins. Bitchez.

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:48
#643858

This all has been ‘done for decades’ where exactly? What planet?

Login or register to post comments by carbonmutant
on Tue, 10/12/2010 – 13:09
#643669

A lot of weasel phrases in that report…

Login or register to post comments by alien-IQ
on Tue, 10/12/2010 – 13:10
#643670

Next stop Feudalism! All Aboard!

Login or register to post comments by cougar_w
on Tue, 10/12/2010 – 13:27
#643761

Oh look everyone! An optimist!

Sorry. Feudalism is about 10 years down the road. Between now and Feudalism is 10 years of intervening We-are-fucked-ism. But yeah, then Feudalism will be a God-send.

Login or register to post comments by doolittlegeorge
on Tue, 10/12/2010 – 13:36
#643802

rrroowww.

Login or register to post comments by scratch_and_sniff
on Tue, 10/12/2010 – 13:10
#643671

why would they come right out with the nuclear option when just the threat of doing it is having the same effect!!

Login or register to post comments by John McCloy
on Tue, 10/12/2010 – 13:15
#643686

I agree with you. Havent the markets already baked in a Trillion in QE?

Is not everyone already piled in for the past month expecting QE? I do not see what the big surpise is here just another excuse. I do not think they can do QE or certainly not to the magnitude they are pretending. Commodities would shoot straight up and a bereft unemployed middle class cannot afford it.

TARP 2 may be needed however

Login or register to post comments by HarryWanger
on Tue, 10/12/2010 – 13:18
#643699

The first one tacked on gigantic gains for the market. “Investors” don’t want to miss that again, so they’re piling in like lemmings.

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:20
#643711

And the Hindu bulls will be crushed by November.

Login or register to post comments by John McCloy
on Tue, 10/12/2010 – 13:44
#643841

Right but the first QE was from a considerably lower starting point and a large majority of the rally was due to shorts lambasted over and over and over again. So now those shorts have been taken out of the market permanently or long converted on this free money mentality. In the end earnings still have to correlate. Instead of shorting or going long those that do not wish to participate will buy gold and silver.
That cannot help the PD massive short pms trading book. Also the Fed in my opinion cannot afford QE considering they are under historic scrutiny. This risk of being long a rigged market just because te perception that It is rigged is not an incentive for me. Each day the markets become more reliant upon the Fed and can no longer stand on their own. One piece of news that cannot be contained or is not brushed aside and the markets can lose 10% in a day because the volume is showing us the prices are false. Best of luck but on principal alone I will not convert long and I’ll likely go broke with that mentality buy if everything unwinds I cannot afford not to be short.

Login or register to post comments by doolittlegeorge
on Tue, 10/12/2010 – 13:38
#643806

you mean they’re not going to do QE 3?  YOOOUUUU BASSSSTTTT…….

Login or register to post comments by espirit
on Tue, 10/12/2010 – 13:53
#643877

Volumes been decreasing, insiders selling out, gold skyrocketing & dollah dropping, and the short interest is to da moon!

Personally, I don’t see this as “good” economic conditions which will magically create jobs, rectify the mortgage mess, and raise the GDP without flooding with fiat.

Login or register to post comments by rubearish10
on Tue, 10/12/2010 – 13:27
#643755

The “string along” period could last indefinitely, very true. It appears that if they “did” decide to execute I’d wonder if they’d be able to agree on an amount close enough to the $Trill number. ‘Cause if they can’t/don’t and come in low, it’ll be as Krieger noted before, “The Worst Sell The News” event in history!

Login or register to post comments by Milton Waddams
on Tue, 10/12/2010 – 14:07
#643926

The hope is it becomes a self-fulfilling prophecy, without the need to actually pull the trigger.

I threaten a massive QE, you – through conditioning (asset prices rise in expectation of QE, they have always risen in expectation of QE. No, Japan doesn’t exist and they are idiots and, anyhow, we have the benefit of learning from their mistakes and this is America we always do it bigger and better) – bid-up asset prices. An increase in the level of asset prices (no matter how relative they may be) generates a sort-of wealth effect. You feel wealthier and, through expert manipulation by marketeers and social pressures (neighbor bought a new car, I need a new car), consume in greater amounts. Your consumption drives additional production, and resource utilization slack begins to diminish. Hiring picks up, which drives further consumption and, with luck, a positive feedback loop is established.

Login or register to post comments by perchprism
on Tue, 10/12/2010 – 14:50
#644102

 

This is what Ben meant when he said that all you need is a “credible threat” of monetary easing.

Login or register to post comments by AccreditedEYE
on Tue, 10/12/2010 – 13:14
#643680

only if the outlook worsened and the odds of deflation increased materially

Hope is NOT an investment strategy Wall Street!! (Especially if you keep gaming equities!) lol

Login or register to post comments by cougar_w
on Tue, 10/12/2010 – 13:29
#643768

Hope is a gambling strategy.

Investment? What planet did you say you where from again?

Login or register to post comments by AccreditedEYE
on Tue, 10/12/2010 – 13:37
#643805

+1 lol … uhhh, are we talking physical or spiritual form?

Login or register to post comments by doolittlegeorge
on Tue, 10/12/2010 – 13:40
#643821

maybe both?  who says you can’t look ahead while looking behind?

Login or register to post comments by uberfinch
on Tue, 10/12/2010 – 13:14
#643681

It would be nice if they included a SINGLE number in this report… as it stand it doesn’t say anything at all

Login or register to post comments by No Mas
on Tue, 10/12/2010 – 13:22
#643726

Actually it says one thing loud and clear;  BUY BUY BUY!!!!

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:24
#643739

Yes theyre begging for someone, anyone, to buy the garbage markets and therefore the trillions worth of equities the FED presently holds.

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:23
#643727

Nope, they said nothing at all, no numbers, no solid info, just a bunch of hype for Hindu bulls consumption. I bet within 2 weeks this whole market is 15% lower.

Login or register to post comments by No Mas
on Tue, 10/12/2010 – 13:33
#643785

Two weeks?  You must be a long term investor.

What do you think will happen in the next two minutes?  That’s what matters to the machines.

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:51
#643870

Hmmm…well probably a lot of computers playing nuclear bid hot potato with themselves, to finish market over 11,000 just barely. But what about tomorrow? Maybe the FED can say theyll ‘do something or other’ again.

Login or register to post comments by No Mas
on Tue, 10/12/2010 – 14:41
#644057

Like the Fed said, BUY BUY BUY.

All is green captain; all is green.

I still have no idea why everyone isn’t on board this gravy train.  The fed says they will inflate.  The fed says they will do whatever it takes to accomodate.  Everyone knows the fed cares only for banks and the markets.

Why isn’t everyone on ZH making hay on these “freebies”?

It is after all, no matter how much one may dislike it, FREE MONEY!

Login or register to post comments by No Mas
on Tue, 10/12/2010 – 14:42
#644060

Like the Fed said, BUY BUY BUY.

All is green captain; all is green.

I still have no idea why everyone isn’t on board this gravy train.  The fed says they will inflate.  The fed says they will do whatever it takes to accomodate.  Everyone knows the fed cares only for banks and the markets.

Why isn’t everyone on ZH making hay on these “freebies”?

It is after all, no matter how much one may dislike it, FREE MONEY!

Login or register to post comments by Greater Fool
on Tue, 10/12/2010 – 13:15
#643689

Ben, please just dispense with the niceties and send me a fat check. If we’re going to debase the currency to zero, I’d at least like an iPad before it happens. Thanks.

Login or register to post comments by Cruel Aid
on Tue, 10/12/2010 – 13:36
#643798

He’s going to give it to you, you just have to work for it. Like just now. and you are gonna love an Ipad vs notebook.

Login or register to post comments by Dagny Taggart
on Tue, 10/12/2010 – 13:50
#643866

Or they should send everybody a curtesy apocalypse pallet from Costco, right?

Login or register to post comments by espirit
on Tue, 10/12/2010 – 13:56
#643888

Heck Ben, I’ll take a Mil or two with which I can buy an iPad.

Login or register to post comments by Hondo
on Tue, 10/12/2010 – 13:16
#643693

The problem is the Fed doesn’t understand economics…basically you can say they are illiterate when it comes to economics.  Of course they could always be stupid or corrupt.

Login or register to post comments by RichardENixon
on Tue, 10/12/2010 – 13:28
#643764

Or maybe they are pining for the fjords.

Login or register to post comments by cougar_w
on Tue, 10/12/2010 – 13:37
#643804

Illiterate, stupid or corrupt.

Makes you mad, don’t it? But you know I could actually live with any or all of those being in play here. It would mean that someone not [illiterate|stupid|corrupt] could come along and just fix this whole mess. We’d have to find that someone, or they would have to volunteer. Either way, the problem has a limit within human bounds.

Problem is though they are not. Any of those things.

What they are is trapped. And with them, all of us.

You think about that a moment. You think about them knowing exactly what they are doing but they cannot do anything, and then get back to me on how you feel about this situation, and our chances of getting out of this fix by any means short of an apocalypse.

I give it 9 more months. Short of a miracle, in about 9 months we all get to see what awaits us on the other side of trapped.

Login or register to post comments by doolittlegeorge
on Tue, 10/12/2010 – 13:42
#643827

actually they’re genius’s.

Login or register to post comments by truont
on Tue, 10/12/2010 – 13:17
#643697

“focused primarily…on possible steps to affect inflation expectations”

Read:  suppress commodity prices.

Login or register to post comments by Greater Fool
on Tue, 10/12/2010 – 13:19
#643705

Read more carefully: They want to increase short-term inflation expectations.

Login or register to post comments by cougar_w
on Tue, 10/12/2010 – 13:39
#643816

Bingo.

Mind games. At the end of the world.

Login or register to post comments by doolittlegeorge
on Tue, 10/12/2010 – 13:43
#643836

yeah they’re looking for something to go up, that’s for sure.

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:26
#643746

Gee I thought they were focused like a laser beam on job creation…now its a laser focus on monkeying with inflation expectations? Why anyone would put a dime within the reach of these crazed Batman villains is unbelievable.

Login or register to post comments by wiskeyrunner
on Tue, 10/12/2010 – 13:17
#643698

Wow just think, unemployment near 10% and the fed wants to create inflation, thats gonna hurt. Anyone had a look at wheat and corn and meat prices lately. Boy the 99ers are going to go hay wire.

Login or register to post comments by wafflehead
on Tue, 10/12/2010 – 13:19
#643703

shiney to 1500

Login or register to post comments by HarryWanger
on Tue, 10/12/2010 – 13:20
#643709

Thanks, Fed – you just cleared the way for an historic landmark: AAPL to hit 300 in very short order on your “news”. Well, it wasn’t really news but the desired effect has been achieved.

Login or register to post comments by Dixie Normous
on Tue, 10/12/2010 – 13:21
#643721

Just think of it as your COLA adjustment.

Login or register to post comments by Bill Lumbergh
on Tue, 10/12/2010 – 13:24
#643738

Looks like AAPL is not liking the news now…maybe increased commodity costs will squeeze margins and make the P/E even more lofty.

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:34
#643790

Apple doing nothing, and markets back to red. No ones buying the FED BS anymore.

Login or register to post comments by HarryWanger
on Tue, 10/12/2010 – 13:49
#643861

Really, cuz I’m seeing indices all green and AAPL up a couple of bucks.

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:53
#643876

Hmm well Im seeing markets flat, and Apple was up that $1.70 earlier.

Login or register to post comments by HarryWanger
on Tue, 10/12/2010 – 14:49
#644094

Hmmm….300 is approaching any minute now. Looking good to me.

Login or register to post comments by Dr. Engali
on Tue, 10/12/2010 – 13:25
#643715

When this is all blows up these fcks need to be strung up for everybody to see what happens to people who commit crimes against humanity. But  they will probably get a big fat bonus instead and a comfortable place to live while the rest of the dregs scavenge for scraps.

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:21
#643717

Anytime the market is a ‘done deal, 100% certainty only possible way to go is up from here’ watch out.

Login or register to post comments by RobotTrader
on Tue, 10/12/2010 – 13:21
#643719

Performance anxiety is setting in for those who are either short or out of the market.

They better chase some winners or they will be fired after 12/31.

Login or register to post comments by Bill Lumbergh
on Tue, 10/12/2010 – 13:26
#643748

Maybe you can send them all your charts and point them the way to riches?

Login or register to post comments by bigdumbnugly
on Tue, 10/12/2010 – 13:27
#643752

that is a good point, rt.

more money should be coming into stocks as a result, even if many had already priced it in.

Login or register to post comments by HarryWanger
on Tue, 10/12/2010 – 13:27
#643754

Yep. You cannot short this market into year end when the Boyz need their books to look good. Throw a gigantic amount of Fed money in there and presto! all the books look good and bonuses for everyone!

Login or register to post comments by taraxias
on Tue, 10/12/2010 – 13:45
#643843

Oh yeah, you can’t short the market leading up to the mid terms, you can’t short the market on options expirations weeks, you can’t short the market on FOMC meetings weeks, you can’t short the market on FOMC meeting minutes weeks and now you can’t short the market into year end. Great, sounds like free money. Now if I could figure out what to do with all this paper besides buying gold, I’d be all set.

Login or register to post comments by HarryWanger
on Tue, 10/12/2010 – 13:50
#643863

Good strategy – buy equities into year end along with gold. Sell your equities in Jan 2011 and buy more gold with the profits.

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:55
#643885

Right, pick any day of the year, and thats a bad time to short the markets for whatever reason. Standing back from this mess I see everyone in calm as Hindu bulls, 100% certain it can only go far higher…I sense a big Hindu bull massacre here soon.

Login or register to post comments by bigdumbnugly
on Tue, 10/12/2010 – 14:22
#643975

well, u could QE me, taraxias.  just an idea…

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:27
#643760

Yea Robo well thats what theyre begging for any idiot remaining to do, come buy some of the FEDs trillion worth of garbage equities off their hands. Not working too well.

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:36
#643796

Hmmm Robo looks like no ones really impressed by the bearded clam Bernanke and his non-comments. No Q/E2 will be delivered at all, well before Nov youll see the markets lose 15%+.

Login or register to post comments by AccreditedEYE
on Tue, 10/12/2010 – 13:39
#643815

Your “rally” seems to be deflating Robo….

Login or register to post comments by VWbug
on Tue, 10/12/2010 – 14:39
#644047

don’t know what you are looking at…I see stocks up

Login or register to post comments by wiskeyrunner
on Tue, 10/12/2010 – 13:22
#643722

The banks are loving it, more free spread money wheeeeeeee free money $$$$$$$$$$$$$$$$$$$$$$$

Login or register to post comments by 99er
on Tue, 10/12/2010 – 13:21
#643723

Chart: ES

Who cares?

http://99ercharts.blogspot.com/2010/10/es_12.html

Login or register to post comments by Amsterdammer
on Tue, 10/12/2010 – 13:22
#643725

Print 1 trillion every year, or every month, debase

the $, End-point Endgame: Zimbabwe

Cronyism at new heights, Ben has traded in his

helicopter for a Reaper, to smoothly kill the middle

class and its remains, motherfucker !

Login or register to post comments by Id fight Gandhi
on Tue, 10/12/2010 – 13:23
#643731

So since qe is baked In, they’ll need qe3 to help since the market will crash and sell on news.

Fucking bananas

Login or register to post comments by HarryWanger
on Tue, 10/12/2010 – 13:29
#643767

Nope. Market will not sell on the news unless it’s a very lite version of QE2 which is not going to be the case. Also, with year end approaching and the need to get your books looking like you made money, there will be no real selling in this market until early next year. Til then, it’s party on!

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:36
#643800

Darn, market already selling.

Login or register to post comments by EB
on Tue, 10/12/2010 – 13:24
#643736

Let’s not leave out Brian Sack’s contribution:

Developments in Financial Markets and the Federal Reserve’s Balance Sheet
The Manager of the System Open Market Account (SOMA) reported on developments in domestic and foreign financial markets during the period since the Committee met on August 10, 2010. He also reported on System open market operations during the intermeeting period, including the implementation of the Committee’s decision at the August meeting to reinvest principal payments on agency debt and agency mortgage-backed securities (MBS) in longer-term Treasury securities. Following the August meeting, the Open Market Desk at the Federal Reserve Bank of New York announced that purchase operations would follow a schedule that would be released in the middle of each month, with the amounts calibrated to offset the amount of principal payments from agency debt and agency MBS expected to be received from the middle of the month to the middle of the following month. The Desk conducted 12 such operations over the intermeeting period and purchased about $28 billion of Treasury securities, with maturities concentrated in the 2- to 10-year sector of the nominal Treasury curve, although purchases were made across both the nominal and inflation-protected Treasury coupon yield curves. The Manager also briefed the Committee on progress in developing temporary reserve draining tools. Over the intermeeting period, the Federal Reserve announced a schedule for ongoing small-value auctions of term deposits. The auctions, which will be held about every other month, are intended to ensure the operational readiness of the term deposit facility and to increase the familiarity of eligible participants with the auction procedures. In addition, the Desk continued to conduct small-scale tri-party reverse repurchase operations using MBS collateral with the primary dealers, and it published a list of money market mutual funds that have been accepted as counterparties for reverse repurchase operations. The Manager also discussed plans to publish a new set of criteria that would allow a broader set of money market funds to become eligible counterparties. There were no open market operations in foreign currencies for the System’s account over the intermeeting period. By unanimous vote, the Committee ratified the Desk’s transactions over the intermeeting period.

No mention of balance sheet targeting.  

Login or register to post comments by michigan independant
on Tue, 10/12/2010 – 13:45
#643839

Thanks You for the conveyance since some may miss this element. We are acting also to avoid Commercial Paper as many are also since generating earning’s was never the issue in supply chain. Bolt on plays subject to net working capital realities will play out since secondary’s are that – Not needed. Management risk slid lower into the deck for MM ” eligible counterparties.”  is a function that was IMO not the core focus but part of the process it appears being lower in the foodchain. Capital will return when sanity returns to regions we had to leave.

 

Login or register to post comments by wiskeyrunner
on Tue, 10/12/2010 – 13:25
#643741

Jack up food and energy so the Fed can look smart, thats gonna hurt alot of good people who have exhausted there unemployment and still can’t find work, and all for what? free markets hahahahaha what a joke.

Login or register to post comments by buchesky
on Tue, 10/12/2010 – 13:26
#643749

My take on the minutes was that there is growing dissension among  the minority.  It appears it’s not just Hoenig that wants to see “materially” greater deflation before taking further action.  I think there’s a good chance the Fed will disappoint on Nov. 3.

“Many participants noted that if economic growth remained too slow to make satisfactory progress toward reducing the unemployment rate or if inflation continued to come in below levels consistent with the FOMC’s dual mandate, it would be appropriate to provide additional monetary policy accommodation. However, others thought that additional accommodation would be warranted only if the outlook worsened and the odds of deflation increased materially.”

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:30
#643770

Yep, from here on out Bernanke will keep saying nice things, but never actually deliver a Q/E2 because he cant. But he’ll keep saying hes open to the idea to keep the morons playing and losing.

Login or register to post comments by Id fight Gandhi
on Tue, 10/12/2010 – 13:41
#643824

Everyone knows qe2 will do nothing, but the market needs it just to maintain it’s levels now. But of course unless its over a trillion they’ll sell on the news because its baked in or not enough.

Stock pickers and those banking on earnings growth will feel the pinch when input costs rise and our domestic market falls as we are all taxed with higher commodity prices.

Login or register to post comments by buchesky
on Tue, 10/12/2010 – 13:46
#643848

Impossible to say what’s actually priced in.  I covered all my shorts before the minutes were released.  I’ll likely go short financials again in the near-term.  Too many possible headwinds.  Only risk to shorting that I see is the possibility that tax cuts get extended for all.

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:56
#643890

Market needs more what? More imagination?

Login or register to post comments by doolittlegeorge
on Tue, 10/12/2010 – 14:15
#643947

first of is it “id” or “I’d” fight Gandhi?  Because if it’s the latter would it really be worth it? second this is an interesting point but i think some math would be in order.  we have had these “higher commodity prices” for some time and given their relative size to our economy “they would have to rise enormously” before it would materially impact our “economy.”  insofar as “you or me,” well….Gandhi’s record wasn’t too good in India so maybe you’re on to something.  Imagine, however “just 10 dollar loaves of bread.”  is this good GOVERNMENT policy?  i mean “aren’t they subject to the laws of compound interest, too”?  perhaps a better way to put it…”imagine ten cent loaves of bread.”  which would you want if you’re the government? just “food for thought” as they say.

Login or register to post comments by HitTheFan
on Tue, 10/12/2010 – 13:26
#643751

Is it not patently ridiculous to anyone with an ounce of common sense?

Bernanke thinks it is GOOD news that higher inflation happens, and all you Americans (and the rest of the World) should celebrate because it will mean your ‘real’ interest rates will be lower.

Is there no one in your country that can stop them? What about the TEA party?

It needs to happen very soon or you poor guys are done for.

I’m in the UK, we need a strong US, and you all have my sympathy, and my hopes are with you. Sort it out, somehow.

Login or register to post comments by the not so migh…
on Tue, 10/12/2010 – 13:28
#643756

QE2 is an admission of failure and death.  They cannot keep doing this for the next ten years.  

 

Login or register to post comments by HarryWanger
on Tue, 10/12/2010 – 13:31
#643773

It is precisely an admission that things ain’t looking so hot. But, market and economy are two different animals. Hence, more money floating around out there gives the illusion of better corporate profits. And that, translates into higher equity prices.

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:38
#643809

Nope, just desperate FED cattle calls for someone to come buy the trillions worth of equity trash sitting on their books. Maybe Bernanke can call out Bob Doll again to tell people buyin stocks here is a real good deal.

Login or register to post comments by Hondo
on Tue, 10/12/2010 – 13:32
#643762
The Fed is totally out of control.  What is too slow economic growth??  What is their satisfactory unemployment rate???  What are their levels of inflation that would  be consistent with the FOMC’s dual mandate.  They get to mouth off on bull shit without defining anything.  They are totally incompetent for the responsibility they have….and the people should either demand the answers so that everyone that has a vested interest knows or we should just disband the whole organization due to their corrupting effect on the global economy, jobs and economic sanity.

 

The fallacy of thinking by raising inflation expectations people are going to rush out and consume today is complete economic bull shit.  They will continue to save and move those savings into hard assets or into currencies (countries) that have better monetary policies (I actually think the EU is making better progress here than the US).  There are thousands on individuals in this country multiiple of times smarter than these idiots in charge……find them and put them in office.

Login or register to post comments by Jim B
on Tue, 10/12/2010 – 13:34
#643787

+1

 

Login or register to post comments by Bill Lumbergh
on Tue, 10/12/2010 – 13:38
#643807

Well said.

Login or register to post comments by wiskeyrunner
on Tue, 10/12/2010 – 13:28
#643766

How is lifting raw material prices going to help the unemployed. Fed wants to create inflation this is real scary stuff. I don’t think the people know what there doing, seems totally out of control. Like a mad man gone wild.

Login or register to post comments by Id fight Gandhi
on Tue, 10/12/2010 – 13:32
#643776

This will start a second american revolution.

Login or register to post comments by TradingJoe
on Tue, 10/12/2010 – 13:37
#643769

Yep! Nothing like a fresh start, eh? FEDs are fighting for survival, they know they will lose this one, be dismantled and disappear, so, they are getting one more honey pot for themselves, fuck the taxpayer, the US and so forth. Hmh, I wonder no more that they will be gone, 5 years max folks! Expect what your imagination cannot contemplate! Think of this, FED is PRIVATE yet decides over fate of 310M Americans!!! None of these citizens voted for their currency to be literally destroyed yet it happens, daily!!! ANYONE thinking this will have no bitter consequences is NAIVE!

Login or register to post comments by Dollar Bill Hiccup
on Tue, 10/12/2010 – 13:30
#643772

Snif sniff. Smells like QE2 is not going to go big … Buy some time for China who is staring at 30% moves in commodities in a month or so. The Chinese can then decide how they want to handle the RMB issue. Who said that Timmy and Co. are not Sinophiles? And Americans? If Uncle Ben hits the QE2 button in earnest on Nov 3, everyone can apply for food stamps …

Login or register to post comments by tahoebumsmith
on Tue, 10/12/2010 – 13:31
#643775

Here Ben, read this at your next FOMC minutes…..

“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered.”  Thomas Jefferson

Login or register to post comments by doolittlegeorge
on Tue, 10/12/2010 – 14:18
#643957

“get to work, slave.”  Thomas Jefferson.

Login or register to post comments by assumptionblindness
on Tue, 10/12/2010 – 13:32
#643779

Thank you, Mr. Bernanke for destroying what was left of my retirement savings and the purchasing power of the paper in my wallet.  Fucker! 

Sincerely,

Retirees living on Social Security

Login or register to post comments by doolittlegeorge
on Tue, 10/12/2010 – 14:20
#643963

you’d think a former slave would know better.  then again…MAYBE HE DOES!

Login or register to post comments by MrTrader
on Tue, 10/12/2010 – 13:32
#643782

Hum, gentlemen, I am looking for the next fool available to take over my 10.000 ES long position…anybody bidding higher than 1165.50 ? Citadel, Tradeworxx, Paulson, Peak6, Soros Endowment, Optiver, Sun Trading, DRKW ? :=)))

Login or register to post comments by MrTrader
on Tue, 10/12/2010 – 14:28
#644009

Filled. Found enough two-year-brains willing to follow above 1065.50. :=)))))))))

Login or register to post comments by medicalstudent
on Tue, 10/12/2010 – 13:34
#643791

‘increase in inflation… stimulating the economy’

 

nuff said; this is pathetic lunacy.

 

they will steal the wealth of the future surreptitiously until they steal the wealth of the present.

 

 

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:41
#643822

Bernanke is Colonel Kurtz, up the river and gone quite insane…who will be the delivery boy collecting a bill for the clerk?

Login or register to post comments by buzzsaw99
on Tue, 10/12/2010 – 14:07
#643925

the horror.

Login or register to post comments by Shameful
on Tue, 10/12/2010 – 13:36
#643794

Ladies and gentlemen!  Boys and Girls of all ages!  Welcome to Zimbabwe Ben’s Wild Ride to Infinity!  It’s got chills, it’s got spills, surprises around every corner.  It will be the most memorable experience in your life.  We promise you will never forget it, or your money back*!

The best part is, there are no rules.  Anything can happen on this ride.  Now get ready to start your printing presses!

Disclaimer:

Zimbabwe Ben’s Wild Ride to Infinity is not recommended for those suffering from the conditions, gout, diabetes, gigantism, dwarfism, albinism, Aurophobia, the elderly, the young, the middle aged, the healthy, the disabled, the living or the dead.  Zimbabwe Ben is not liable for any lose of; life, purchasing power, sanity, family, nationhood, statehood, hair, relationships, or property.

* Money back is at nominal notational value at time of purchase.

Login or register to post comments by Rusty_Shackleford
on Tue, 10/12/2010 – 13:38
#643810

“You maniacs! You blew it up! Ah, damn you! God damn you all to hell!”

Login or register to post comments by the rookie cynic
on Tue, 10/12/2010 – 14:18
#643959

One of the best scenes in Sci-Fi movie history. IMO.

Login or register to post comments by Milton Waddams
on Tue, 10/12/2010 – 13:45
#643820

The solution is surprisingly simple:

Condition those in emerging economies to covet the (rapidly deteriorating) lifestyle of those in mature economies. This can be accomplished by the exportation of images of opulence followed by seemingly logical reasoning on why it is desirable (chicks dig it! and conspicuous consumption can give you a bit of a high). Then flip-flop, on a relative basis, the economies; where those in the mature markets produce for those in the emerging. The problem, of course, is those in the mature economies, through their own evolution, recognize the environmental perils of still relatively primitive manufacturing processes. So scrap that. Instead, set the direction of the entire system to converge toward the lowest common denominator while — assuming we are to be benevolent — elevating the absolute level of the same.

And, of course, reward yourself handsomely for engineering the scheme.

Login or register to post comments by GoinFawr
on Tue, 10/12/2010 – 13:50
#643831

Oh Maaaaako, calling Maaaaaako!

Hear that ‘whup whup whup’ sound, Mako? That’s the sound of a fresh set of helicopters warming up on the ipad.

Though I agree: they certainly aren’t going to save us. See, you don’t have to be a lemming to read the writing on the wall…

On the other hand,

“Participants noted a number of possible strategies for affecting short-term inflation expectations, including providing more detailed information about the rates of inflation…”

is a pretty sneaky statement. Does it mean that the FED could ask Shadowstats for their inflation rates calculated using pre-80’s variables? That would certainly go a long way to creating an honest boost in the officially reported rate of inflation…

ZH’s prompt coverage of events like this is just another reason why it is speeding towards becoming the top (already there in my book) market commentary site of the internets.

Regards

Login or register to post comments by DUNTHAT
on Tue, 10/12/2010 – 13:48
#643857

With all the studies out showing the minimal impact QE 2 will have on the economy, is  the Fed capable of dumping all of that QE leverage into the stock market — exclusively — creating a massive stock-wealth effect bubble– that lifts not only the stock market, but the housing market, and the commodity market, re: late 90’s early 2000.  From their perspective, down the road, it would be easier to deal with a hyper inflated stock bubble, than a hyper deflated economy.

Login or register to post comments by Milton Waddams
on Tue, 10/12/2010 – 14:15
#643948

Cover eyes while Wall Street blows a bubble. Followed by: dissemination of research pieces explaining how it isn’t really a bubble, it’s a new economy. However when said bubble inevitably pops, issue more research pieces explaining how it was impossible to identify the bubble. Then move in to mop up the mess by supporting the beneficiaries, or “winners”, of the bubble while declaring the “losers” as, literally, losers and obviously incapable of adapting, and write it off as collateral damage.

Repeat.

Login or register to post comments by redpill
on Tue, 10/12/2010 – 13:52
#643874

I watched a snail crawl along the edge of a straight razor. That’s my dream; that’s my nightmare. Crawling, slithering, along the edge of a straight razor… and surviving. 

Login or register to post comments by taraxias
on Tue, 10/12/2010 – 13:55
#643879

There will be no QEII (they’ll continue to monetize in stealth mode like they have already been doing, but no overt QEII). QEII ends the FED. They are immoral but they are certainly not stupid. All they’ve done is jawbone the market into believing that QEII is coming to deliver a rising market to Obama leading into the midterms and cheaper energy to Europe. This course will reverse, and violently, right after the midterms.

Login or register to post comments by SheepDog-One
on Tue, 10/12/2010 – 13:59
#643896

Taraxias yep, Bernanke has nothing left except hype. Could be right after the mid terms, or before since a ‘rising market’ isnt impressing anyone according to the polls, to save The Messiah his election humiliation.

Login or register to post comments by sweet ebony diamond
on Tue, 10/12/2010 – 14:01
#643903

Now could be the time to investigte this stealth stuff.

Tyler, how about it?

The Fascists think they have an answer for everything.

Login or register to post comments by cougar_w
on Tue, 10/12/2010 – 14:09
#643931

That’s not a bad assessment. I could see it playing out that way.

My guess though is that the 99’ers will be on the streets demanding overt QE2-like measures — any promise at all — that the O-administration will 100% positively absolutely four-square lock-stock-barrel quease all of us into a viable new economy with jobs for every family and a pony for every child.

It will all be empty rhetoric, of course. But I’m still looking for it. Lots of folk here seem to think that QE2 measures will be bad for the Dems in November. I don’t see how they can go into elections and survive politically without an announcement sometime in the next 2 weeks. At the very least massive extensions of UE benefits, massive stimulatory tax cuts for wage earners, and another round of make-work infrastructure monies to prop up Detroit automakers.

It’s an end-game now. It doesn’t have to make sense. It doesn’t even need to be demonstrably sane. It just has to buy time.

Login or register to post comments by espirit
on Tue, 10/12/2010 – 14:02
#643907

They’ll jack the dollah either way to close in the green today.

Login or register to post comments by RobotTrader
on Tue, 10/12/2010 – 14:02
#643909

Shorts are like frogs getting boiled in a pot of hot water.

Each day we climb a little higher and the water gets a little hotter.

Maybe one day all the shorts jump out of the pot at once and the market does a 300 point exhaustion blowoff?

Login or register to post comments by HarryWanger
on Tue, 10/12/2010 – 14:47
#644083

That’s what it’s going to take. But don’t look for that until Jan/Feb 2011. Until then, it’s just higher and higher.

Login or register to post comments by Waterfallsparkles
on Tue, 10/12/2010 – 14:26
#643997

Cannot you just see Bernankie sitting there watching his personal account all day long as he pumps in 2 trillion into the economy.  Just to see a $100,000. personal gain.

So, he destroys the life of Retired people.  Starves the World with higher food prices, just so he can personally make $100,000.

Login or register to post comments by Cruel Aid
on Tue, 10/12/2010 – 14:33
#644029

He has got to be scaring the everlivin’ shit out of the fixed incomers, with his zirp and his 3-5% inflation or bust.

Login or register to post comments by All_Is_Well
on Tue, 10/12/2010 – 14:26
#643998

The Fed will make a decision based on the mid-term election results.

Login or register to post comments by CashCowEquity
on Tue, 10/12/2010 – 14:48
#644087

Robotrader=Robocock?

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