tfmetalsreport.com / By Turd Ferguson / January 30, 3013 updated 3:00 PM EST
Rather than start a new post, I thought I’d just update this one. Besides, since there wasn’t a rigged selloff post-Fedlines, all of the charts are still relevant.
The Bernank said nothing new and mainly just reiterated all that was said back in December. The only new item was a stated recognition that “economic activity had paused in recent months”. I wonder how all those who foolishly cling to the belief that QE is related to economic activity will try to spin that one?
Squeaky (Bill Gross) said two interesting things during the CNBS coveage:
- That Fed policy has “distorted prices in all asset categories”.
- That he agrees with The Fed that unemployment targets will not be reached until 2015, at the earliest.
And point #2 is the one that so infuriates me. You see, I watched The Bernank’s press conference, post the Fedlines back in December. He clearly stated that the 6.5% unemployment number was only being given for “context” and “transparency” and that, since The Fed doesn’t see unemployment dropping to 6.5% until 2015, they’re essentially saying the same things as always. BUT, NO!! All the naysayers, boobs and monkeys picked it up and ran as if QE will be ending as soon as this autumn! What a freaking joke!! Again, these types of FACTS often get lost in all the day-to-day angst and stress over price swings. Just keep buying the freaking dip and all will be well.
Just a few other things.