Finansiella Insikter

Först Thomas Hoenig, sedan Elizabeth Duke, nu antyder ingen mindre än storchefen själv, Ben Bernanke, att QE3 är på god väg.

I ett tal på torsdagen sa Bernanke bl a att Federal Reserve förväntar sig att arbetslösheten kommer att vara över och inflationen under det långsiktiga målet under 2011, vilket tolkades av marknaden som att det inte finns några som helst planer på att sluta med QE-programmet. Guld och silver rusade inte oväntat när talet blev känt.

Bernanke försvarade QE2 och skyllde de skenande råvarupriserna på det dåliga vädret. Otroligt att Ben klarar av att ljuga folk rakt i ansiktet på detta sätt.

Bernanke says growth, inflation still missing Fed goals

(Reuters) – The U.S. economic recovery still needs help from the Federal Reserve despite signs of improvement, Chairman Ben Bernanke said on Thursday.

The Fed chairman provided a modestly more rosy outlook for the world’s largest economy than he has done in previous speeches, citing gains in household spending, improved confidence, and stepped up bank lending as signs 2011 may bring stronger growth than 2010.

“Although economic growth will probably increase this year, we expect the unemployment rate to remain stubbornly above, and inflation to remain stubbornly below, the levels that Federal Reserve policymakers have judged to be consistent over the longer term with our mandate,” he said in remarks prepared for delivery to the National Press Club in Washington D.C.

Bernanke’s comments suggest a Fed that believes it has plenty of time to let its policies boost growth and pull down a lofty unemployment rate before it needs to worry about tightening financial conditions to keep any price pressures in check.

Even the hard hit job market shows some grounds for optimism, Bernanke said.

However, modest growth and cautious hiring suggest that it will be several years before the jobless rate returns to a more normal level, he said.

“Until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established,” he said.

The Fed chairman defended the U.S. central bank’s controversial $600 billion bond buying program, saying its benefits are evident from a range of financial market metrics.

These include higher stock prices and less volatility in equities markets and narrower spreads between riskier and less risky corporate bonds, he said.

U.S. Treasury bond prices extended losses after Bernanke’s comments.

Bernanke played down worries that recent commodity price rises pose an inflation threat.

“Overall inflation remains quite low,” he said.

Här är en kommentar till talet från ZeroHedge:

The lies come hot and heavy:

* Initial claims for unemployment insurance have generally been trending down, and indicators of job openings and firms’ hiring plans have improved
* QE ‘Effective at easing financial conditions’
* Recovery likely to be ‘more rapid’ in 2011 than 2010
* ‘Overall inflation remains quite low’
* Recovery in consumer, business spending may be solid
* Economy seems to have strengthened in recent months

But here’s the only one that matters:

* Unemployment, inflation likely to defy Fed mandate

Which mandate is that Genocide Ben: would that be the mandate to kill off half the world with your revolutionary policies before the Russell hits 36,000?

Related posts:

1. Dagens graf: Råvaruindex exploderar under 2010, men Bernanke vill inte kännas vid någon inflation
2. Inga överraskningar från FOMC, vägrar erkänna stigande inflation
3. Skenande matpriser leder till upplopp – tack Bernanke!
4. Dagens graf: Våldsam inflation driver upp råvarupriser
5. Bernanke. Ben Bernanke. Licence to print.