Date: August 6, 2012
Bernanke & Co. gave the market little in the way of new stimulus today, but I think that’s just temporary. Like a crack addict, the markets just want more and more and more, no matter what the consequences. QEIII should be coming and all eyes will be on Jackson Hole Wyoming later this month for the Fed’s annual retreat angd speech.
The data are not strong, but they are certainly not falling off of a cliff. It’s just your typical post financial crisis recovery. Tepid and frustrating. Fits and starts but never really making significant progress on the employment front.