The stock market is jumping this afternoon: the Dow is now up 100 points, or 0.7% today.
Apparently Jon Hilsenrath, the ace Federal Reserve reporter at the Wall Street Journal who many view as a Fed mouthpiece, has a new piece on deck arguing that dovish signals from the FOMC monetary policy meeting on Wednesday were overlooked.
RT @wsjmarkets: *WSJ's HILSENRATH - Analysis: Markets Might Be Misreading The Fed's Messages— DJ FX Trader (@djfxtrader) June 21, 2013
RT @wsjmarkets: *WSJ's HILSENRATH: Analysis: Overlooked 'Dovish' Signals In Bernanke Press Conference— DJ FX Trader (@djfxtrader) June 21, 2013
The market actually started turning around about ten minutes before these tweets crossed earlier this afternoon, so it's unclear if the move is related. The tweets also note that the Hilsenrath piece is just "analysis."
A few minutes before the WSJ Hilsenrath tweets, MNI's Fed reporter, Steven Beckner, sent a few headlines across newswires. The MNI headlines said that sources at the Fed were not shocked by the market's reaction to the tapering signal given by the central bank on Wednesday, but that lasting losses in stocks and rising yields could end up being harmful. The sources at the Fed said the central bank should delay tapering if worse financial conditions hurt the economy.
Speculative stuff, and anonymous sources – but markets are moving.
Nonetheless, the bond market is getting smacked to close out the week.
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