Update: Bubbles Bernanke slams any hopes for tapering goodbye, as long predicted: PREMATURE TIGHTENING RISKS SLOWING OR ENDING RECOVERY
Bernanke's quarterly hearing with the Joint Economic Committee this morning will be today's must-see event (with FOMC minutes a close second). It seems the equity market has no fears but many in the high-yield market are anxious for the words 'frothy', 'taper', 'bubble', 'clueless', and 'I plead da fif'. While Bernanke's words will be the most important, these hearings typically include their fair share of ironic ignorant 'humor' from the politicians who sit in awe of the most powerful man in the world and his CTRL+P prowess.
Speech highlights:
- BERNANKE: PREMATURE TIGHTENING RISKS SLOWING OR ENDING RECOVERY
- BERNANKE REPEATS POLICY TO STAY ACCOMMODATIVE AS LONG AS NEEDED
- BERNANKE SAYS MONETARY POLICY PROVIDING SIGNIFICANT BENEFITS
- BERNANKE SAYS POLICY CAN'T FULLY OFFSET FISCAL DRAG ON ECONOMY
- BERNANKE: HIGH RATES OF UNEMPLOYMENT `EXTRAORDINARILY COSTLY'
Full speech:
The real Iron man:
