For those of you just tuning in, let’s take a quick look at how markets are reacting to Ben “The Hawk” Bernanke.
- Gold initially got crushed on the news, but has recovered a little bit. It’s now right around the crucial $1110 mark.
- The dollar is surging.
- The euro got whacked overnight.
- Japan got pummelled, falling 2.1%.
- Other Asian markets were down in the 2% range.
- In London, the FTSE is up modestly.
- Dow futures are down about 60.
Meanwhile, Fed governors are spinning madly, promising this really isn’t a rate hike and is not about tightening at all. It’s all “normalizing.”
Now don’t miss: 10 ways to profit from Bernanke’s rate hike >