Bernanke’s Fed Doubles Down on QE – Just in Time for November
In a move some will furiously call political, today the Federal Reserve Open Market Committee (FOMC) issued a statement which calls for more “QE” and lots of it. Just below was the real-time coverage at CNBC of the announcement.
Comment: The Fed is apparently doubling down on easy money policies to goose the flagging economy and shore up moribund employment statistics. With a focus on force feeding lower interest rates to the housing industry, which has been clawing slightly higher in recent weeks, at least the Fed is attempting to focus on an industry that has bipartisan support.
The Fed apparently decided that the economy was at stall speed and needed goosing to avoid another slip inot recession. The action is certainly more bullish than bearish for precious metals.