Of all the songs to get stuck in my head, that’s a painful one, but it sums up the market as well as anything else today.
Ben remained as dovish as any bull could hope for. He spent more time downplaying the jobs data than I did. It is clear that he likes getting up in that helicopter and showering us with benjy’s.
Even the questions (at least the ones I heard) were not as antagonistic as I thought they might be.
In any case, those hoping for some prudence on our money printing or desire to stop QE, have to be disappointed with his relentless pursuit of that policy.
Greece continues to be in the background, but it seems like it is going to take a lot for the Chairman to back down on his policies. Any hope that somehow he can’t get the committee to vote for what he wants, would be extremely naïve by my standards.
In the meantime we continue to eagerly await to see what Greek plan is unveiled, and more importantly, who actually really supports it.