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The kneejerk short covering reaction to Draghi’s remark that he will do “anything to preserve the euro” (this must be news because yesterday the ECB would not do anything to preserve the euro supposedly) is over. Now the analysis begins of what was actually said. The realization is… nothing. From Bloomberg: ‘Nothing Structural’ in Post-Draghi Bond Spread Moves: Credit Agricole Late last year Ben Bernanke and the Federal Reserve moved to ease tensions in the financial system with a new form of accommodative policy that has boosted stocks but not commodity prices. But according to one leading hedge fund manager, the rise in stocks is a temporary one that will be thwarted by the coming period known as “Taxmageddon.”
Bernanke proposed a new type of accommodative policy. Whereas most investors were [...] by ZH The New Wall Street Reality 2011 1st of the month=housing showing signs of life The S&P credit agency sent shockwaves through the global financial system on Monday when it issued a warning on U.S. debt and changed its outlook on the U.S. sovereign credit rating from “stable” to “negative.” This sent markets lower and the prices of commodities such as oil rocketing back above $110 per barrel and both gold and silver to new highs. It should be clear the [...] by seagull (the quid pro quo of why we haven’t started a real recovery) I1. Feds say they are afraid of deflation, which is a way of admitting we might be in for another drop (whether you call it a double-dip or a double recession) 2. Gold is approaching $1300 another psychological mark, that if it fails to clear, sets up for a 2nd drop in markets 3. Housing keeps disappointing putting us [...] |
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