The ChairSatan’s full prepared testimony to Congress has just been released, and it appears that The Fed has just lost whatever shreds of credibility (among mainstream media) it had left.
Bernanke continues attempting to talk out both sides of his a**, stating:
- *BERNANKE SAYS PACE OF BOND PURCHASES NOT `ON A PRESET COURSE’ (translation: we’re making this up as we go!)
- *BERNANKE SAYS FED MAY TAPER QE IN 2013, HALT IT AROUND MID-2014 (translation: gold and silver, please go down)
- *BERNANKE SAYS FOMC BELIEVES RISKS TO ECONOMY EASED SINCE FALL (translation: annual green shoots MOPE)
- *BERNANKE SEES HIGHLY ACCOMMODATIVE POLICY IN FORESEEABLE FUTURE (translation: stocks and bonds please go up, QE4EVA)
Bernanke’s full prepared remarks for his last Congress appearance on the Fed’s monetary policy are below: