In one of the most highly anticipated releases of the year, the Federal Open Market Committee (FOMC) meeting minutes from July 30-31 were released today (Wednesday).
They will be picked apart for days - but here's what you need to know.
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Check Out What the FOMC Meeting Minutes Did to the Stock Market Today
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FOMC Meeting: Fed Just Backtracked on QE Taper Talk
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After the two-day FOMC meeting, the committee just backtracked on all the previous taper talk - here's why the Fed might be "winging it."
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Exclusive: Obama Tells Money Morning Why He Just Loves Larry Summers…
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Says Obama:
Larry Summers for Fed Chief... He's got my vote. Absolutely!
Why? You just have to get to know the guy and you'll see he's perfectly qualified to head the Federal Reserve.
Here's just part of his resume.
From 1982-1983, Larry Summers was on staff at Ronald Reagan's Council of Economic Advisers. That's where Lawrence of Enablers earned his "Deregulate Everything" T-shirt.
After his brief stint on the Gipper's Council, where he was taught how real pros corral free markets for personal profit, the Enabler headed back to Harvard to teach kids (and himself) how to squeeze personal wealth out of mere economic theory.
He got his next shot at stardom as Chief Economist of the World Bank in 1991. He was there until 1993.
While there he wasted no time shining a light on himself.
In a 1991 interview he famously said:
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Larry Summers or Janet Yellen, Who Will Obama Pick as Head of Fed?
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The likely choice for the next Fed head is between an enabler of the financial crisis, Larry Summers, and an economist who’s never met a printing press she didn't like, Janet Yellen…
Bernanke Testimony Sends Mixed Signals on QE3
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Call it Ben Bernanke's Alan Greenspan moment.
As his predecessor as Federal Reserve chairman had often done, Bernanke sent decidedly mixed or unclear signals today (Wednesday) in testimony before Congress.
The Bernanke testimony, in prepared remarks delivered to the House Financial Services Committee, provided nothing close to a definitive answer on whether the Fed would scale back quantitative easing in September.
Bernanke's testimony came about a month after he floated a trial balloon by saying at a press conference the Fed could begin scaling back QE this year and end it altogether by mid-2014. The markets sold off immediately after Bernanke's June comments but have since recovered.
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