(As of 12:10 pm PST)
At 2 pm EST today the Federal Reserve shocked investors
around the globe, announcing it would hold its $85 billion per month bond
buying program steady for the foreseeable future. After months of ‘taper talk’, the market was
anticipating an announcement today of at least $10 to $20 billion in cutbacks
to the Fed’s easy money policies. Not so,
said Big Ben! After trading lower for
most of the morning the markets accelerated to the upside on the news. All 3 major US indexes are up over 1% while
gold prices are soaring over 3%.
Bernanke is currently holding a press conference detailing the Fed’s
reasons behind delaying the taper. So
far, the market likes what it hears.
Thanks for the parting gift Big Ben!
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