The co-easy money arsonist turned fireman named Person of the Year

Congrats to Bernanke for being named the Time Person of the Year, the co-easy money arsonist with Greenspan now turned fireman. The two key words to watch for in today’s FOMC statement is whether they leave in “exceptionally low” when referring to the level of rates that will remain for “an extended period.” We know rates will stay low for a long time but we don’t know how low they will be. Also, will they remain so dovish on the inflation commentary? CPI is out today. ABC confidence rose 2 pts but remains in a 5 week range. Mortgage apps were little changed as mortgage rates moved to a 6 week high. European stocks are higher as is the euro and the pound after Euro zone manufacturing and services composite index rose to the highest since Oct ’07 and was a touch above the estimate, Nov UK jobs report was better than expected and Greek bonds traded up after Greece sold debt to some banks.

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