Ben Bernanke just wrapped up his remarks on monetary policy, so let’s recap what we’ve seen over the last 35 minutes.
First, Ben Bernanke gave a speech that was clearly accommodative, but not wildly kitchen-sinkish, as in, he doesn’t sound crazed.
Then at 8:30 we got a tame CPI report, as in, the lack of inflation means the Fed is not in a box.
And then also we got a very good retail sales report.
So it all sounds pretty bullish, right? Loh and behold, that’s how the market is interpreting things.
Stocks are up, bonds are down, and even — shocker — gold has slipped since the speech.