Bernanke Speaks!

Ben Bernanke made Wall Street happy today when he did not come right out and say that his policy, like the policy of his predecessor, is to completely destroy the world economy.

Well, he didn’t.

He even indicated that there might come a time when the Fed did not automatically drive the Prime Rate up just because they were holding a meeting, although this has been the policy for the last two years.

Here, read for yourself.

CNNMoney says that Bernanke said that “a pause in rate hikes may be likely”.  Ah.  I suppose that means a pause may not be likely, as well.  How much comfort can you take from that?  Not much, apparently, as the bond market rose a modest .03% in yield, not enough to make any rate difference worth commenting about.  So I won’t.

You have a nice day, now, y’hear?