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June 26, 2013

A Hawkish Signal Bernanke Didn't Send

“The markets have misread Ben Bernanke.

“The Federal Reserve chairman’s news conference a week ago was widely seen as a signal that the Fed is preparing to wean the economy off easy money, perhaps sooner than many anticipated.

“Global stock markets plunged. The bond market pushed yields on 10-year U.S. Treasury notes close to 2.6%, higher than they’ve been since August 2011. Rates on 30-year fixed-rate mortgages leapt, hitting 4.6% this week, up from 4.1% the week before, according to HSH Associates. Futures markets are betting the Fed might lift short-term rates from zero as soon as mid-2014.

“That is neither what Mr. Bernanke expected nor what he meant. “There is no change in policy here,” he said at the news conference.”


Read full Wall Street Journal article here

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