Just Waking Up? Here's The Damage Bernanke's Rate Hike Caused Overnight

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Photo: en.wikipedia.org

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 >

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