We are witnessing local bulletins but ignoring the Big News
Ben Bernanke has once again said “No QE for now, but we are not out of the woods”. Observers need to wise up to the fact that this is a man who knows he must hold his fire, for far worse is coming.
Despite this, JP Morgan and Bank of America seem to have passed the Federal Reserve’s stress tests. JPM I can get behind, but BoA? Stress tests, I increasingly believe, are so-called because they are primarily designed to reduce global investor stress. Continue reading