Update: It’s gotten worse. The major indices are off 1.5% as of 3:06 PM.
Original post: You’d be hard-pressed to find many curveballs in Ben Bernanke’s testimony to Congress, which we published here.
What, did people think he’d say that the economy is awesome, and job growth is proceeding like gangbusters? We suppose the frustration is that he’s being too hawkish, not talking enough about loosening money, but also not saying anything actually good about the economy.
Anyway, look at the steep drop the moment the testimony hit.