What’s most interesting about the debate on what, if anything, the Fed should do next and the unfortunate belief that we need to hang on every single word uttered by Bernanke, especially today, is corporate America at this point could care less what the Fed does next. They know that interest rates are already at historic lows and the average business person, whether for a big company or small knows that the cost of money at this point is not a factor in the decision of whether to expand/hire or not. From the perspective of the consumer, they are only interested in paying down debt and saving and if anything, more ‘easing’ by the Fed just makes saving that much more difficult. Thus, it may be just us guys and gals who work in the financial markets and stare at flashing screens all day that will have the volume up at 10am thinking that what Bernanke is going to say is actually going to matter for those that aren’t paying attention anymore.
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