When Bernanke started at the FED the FED statements were much longer... Now they are simply brief comments that ignore a host of issues...like the dollar, the deficits, gold, oil...etc.
There's the entire statement from the FED today...that cause the hysterical "rally" on Wall Street...
(These guys need to find something else to occupy their time; beside staring into a computer monitor...!)
THE FED SAID:
"Recent indicators have suggested somewhat firmer economic growth, and some tentative signs of stabilization have appeared in the housing market. Overall, the economy seems likely to expand at a moderate pace over coming quarters.
Readings on core inflation have improved modestly in recent months, and inflation pressures seem likely to moderate over time. However, the high level of resource utilization has the potential to sustain inflation pressures.
The Committee judges that some inflation risks remain. The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information."
GOOD ENOUGH FOR A 100 POINTS ON THE DOW...? I DON'T THINK SO...
BUT THE MARKETS ARE SO OUT OF TOUCH WITH REALITY NOW THAT THEY MAKE BUSH'S IRAQ POLICY LOOK... "WELL THOUGHT OUT...!"
P.S. I love it when they blame high "resource utilization" for inflation.. and completely ignore the weak dollar and the twin deficits...don't you...? That really inspires confidence...THAT THEY ARE STILL HAPPY TALKIN' FOR THE STREET!
