The silver hounds over at SLV tracking the price of silver know that when non voting Fed member Bullard says the 31 July notes are stale, he's a litmus test sent out to see how much the market is depending on the "stimulatum excretatum" put out by the master of confetti, Bent Bernookie.
So far, the stock market, that bastion of "free enterprise" (hereinafter to be called free printed money) goes positively apoplectic when they can't see the dollar destroyed most assuredly. So the AG meisters over at SLV are popping, but the venture capitalist called SLW is dropping.
The balk by crazy Fred the Fed, is a feint designed to see how much pain there is in the prospect, no QE. And he should be.
There's nothing left in the quiver of arrows to shoot at the target. Until such time as it costs money to lay aside dollars at the Fed, a negative interest rate, banks will not turn to joehomeowner to make his life easier.
Let's say you're 1/2 right and it's meaningless or call it neutral (which it's not). I heard him too and although anything 3 weeks old is stale, except maybe white bread, he also said if things get decidedly worse (and he said HE doesn't decide),they will definitely act. But assuming the immediate effect is neutral, now add China to the fray. When them folks pump, they use rocket fuel. They'll tell everyone to stay home and fornicate to increase purchases of formula, which also increases the price of lead.