Date: June 19, 2013
Tough week for Ben Bernanke gets worse as he throws ice cold water on the stock and bond markets, hinting that the $85B per month in money printing will begin to be reduced later this year and eventually ended in 2014 with rates rising in 2015. As much as I love Big Ben, I have less confidence in the Fed’s long-term forecast than my local weatherman’s five day forecast. Bernanke can jawbone all he wants, but I for one will be SHOCKED if the Fed comes even remotely close to being accurate even into 2014.
Stocks and bonds were taken to the woodshed on Wednesday and I do not believe the selling is over…