More Evidence That The Infamous Bernanke Speech Didn't Start The Bubble

Earlier we noted how the evidence didn’t back up the idea that Bernanke’s Jackson Hole spurred a huge boom in stocks and commodities.

That speech occurred on August 27, but on September 1 we got a very strong ISM reading that presaged a big run in better-than-expected macro data.

So which one spurred the boom?

Well, the bottom for the market was retouched on August 30, and in fact we actually fell right after Bernanke.

So which is the better explanation for the rally?


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