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  • flashcrashcoming flashcrashcoming Aug 23, 2012 4:23 PM Flag

    Food for thought FED says no QE3 soon......not september...not october.....OUCH!!!

     

    A day after minutes from the last Federal Open Market Committee meeting prompted thoughts of a third round of quantitative easing, Federal Reserve Bank of St. Louis President James Bullard told CNBC the FOMC release was “a bit stale” and voiced opposition to additional easing.

    Click to Play
    Markets weigh more Fed action
    U.S. stock futures ticked slightly lower, erasing earlier gains, with hopes for more stimulus action from the Federal Reserve giving way to worries about global economic growth. Meanwhile, U.S. jobless claims rose slightly. Brendan Conway has details on The News Hub.

    “QE3 isn’t around the corner, and by that I mean September or October. He’s been sent on a mission of clarity,” said Forrest at Fort Pitt Capital.

    The debate over possible Fed action next week shifts to Fed Chairman Ben Bernanke, who is scheduled to speak next Friday to an annual gathering of central bankers in Jackson Hole, Wyo.

    “When the doctor gives you medicine, the good news is you’re getting it, the bad news is you need it,” said Erik Davidson, deputy chief investment officer for Wells Fargo Private Bank, of the potential signals that could be sent by further monetary easing.

    The S&P 500 on Friday chalked up a sixth straight weekly gain, lifting it to a near four-year high, as recent economic reports on July jobs and retail sales exceeded expectations.

    “We’ve had a good run, so a bit of a reprieve probably makes sense,” Davidson said of Wall Street’s extended run, which has the S&P 500 positioned for its first weekly loss after six straight weeks of gains.

    “Historically, the market has a 10% correction every 331 days going back to 1928, with the last one triggered on Aug. 4 of last year. We’re now at 385 days, so we’re getting a little long in the tooth,” Davidson said.

    Sentiment: Strong Sell

    This topic is deleted.
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