Here comes Ben with that big gun, I fought the Fed and the ...
Fed won. I fought the Fed and the Fed and Won. They needed money
so they printed some, I fought the Fed and The Fed won, I fought
and the Fed and the Fed won. I thought the data was a launching
pad, thought the race was won. Well Ben says the jobs market is
bad, I fought the Fed and the Fed won. I fought the Fed and the
Fed won. Rates will stay down until the Fed is done, I Fought the
Fed and the Fed Won. I fought the Fed and the Fed Won.
Don't fight the Fed and don't fight Ben Bernanke. When he says
rates are going to stay low until 2014 or 2015, you had better
believe him. The Fed Chairman sent global commodity markets and
stock markets soaring as he warned Fed fund futures traders and
any other bond vigilante that wanted to listen, don't get ahead
of yourself. Instead of celebrating a slew of better than
expected jobs reports, Ben seems to suggest that it is really
smoke and mirrors. Oh sure, Ben said he was surprised at the data
but he warned that it really does not seem to jive with the pace
of the economic expansion. He seems to suggest that job growth is
not normal and to see what he thinks is solid jobs growth then we
will need to see much stronger economic growth.
So how does the Fed promote economic growth? Well folks it is
easy! Easy money that is. Those that thought a QE 3d was off the
table better get ready to put it back on. The printing presses
are ready and waiting and full of ink.
That brought the risk trade back on as precious metals and grains
and copper that enjoyed a nice ride yet oil was subdued with
hopes that we can still avoid a conflict with Iran. An AP report
had traders readjusting their risk premium as it appears there is
still a small chance that the world can negotiate our way out of
the mess that Iran has put us in. The AP reported that Ira and
six world powers have agreed to meet
April 13 for a new try at finding common ground on Tehran's
nuclear program. The United States, Britain, France, Germany,
Russia and China are involved in the talks which are down to
negotiating where the talks are going to take place. So in other
words, an attack on Iran's nuclear faculties should not happen
before April 13 anyway.
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