All of the economic data indicates more rate hikes to come, as economic activity picks up and corporate profits soar...even as jobs plunge...
Bernanke now has the permission he needs to raise rates at every meeting for the rest of this year.
Or, until FED Funds hits 6.5% to 7% percent...depending on oil and gold prices... And note well oil has beeen essentially unphased by the trouble in the gold markets...which were whip-sawed by the speculators and hedge funds last month.
So why is Wall Street smiling...? Well Wall Street's mood can change on a dime...essentially the market trades on the VERY LAST DATA POINT TO COME ACROSS THE SCREEN...
VERY VERY SHORT TERM THINKING...IF YOUR WHOLE WORLD VIEW CAN BE DEVASTATED AFTER 2 PM...!!
Oil going to $75? Tell me the B-Man can "pause" then!
