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LunarEclipse
Enlil's Official Story


Registered: 10/31/04
Posts: 21,407
Loc: Building 7
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No Comment
#5578706 - 05/01/06 08:19 PM (17 years, 8 months ago) |
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Market uproar follows Fed 'misunderstanding' By Jennifer Hughes in New York Mon May 1, 6:45 PM ET
Stocks fell on Monday after CNBC's Maria Bartiromo revealed on air that Ben Bernanke felt his testimony last week had been "misunderstood."
The anchor said Mr Bernanke had told her at the White House Correspondents' dinner in Washington on Saturday that he had not intended the markets to infer that the Fed was nearly done raising interest rates.
"I asked him whether the markets got it right after his congressional testimony and he said, flatly, no," Ms Bartiromo said. She was reporting live from floor of the Chicago Mercantile Exchange and the resulting trading roar almost drowned out the rest of her remarks.
She added: "He said he and his Federal Open Market Committee members were basically trying to create some flexibility for the Federal Reserve, saying the Fed may pause but the data will really dictate whether more rate hikes will occur."
The S&P 500 fell 0.7 per cent and the Nasdaq Composite lost almost 0.9 per cent. Stocks had rallied on Mr Bernanke's testimony last week, which was interpreted as signalling a probable pause in the Fed's series of rate rises after its May meeting.
"It comes off as a great example of over-communication and a possible attempt to over-fine-tune, assuming he was willing to go on the record with these comments - CNBC is not the Fed's obvious port of call to correct market expectations," said Alan Ruskin, strategist at RBS Greenwich Capital.
The Fed declined to comment.
Edited by LunarEclipse (05/01/06 08:44 PM)
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Rogues_Pierre
Stranger


Registered: 03/03/06
Posts: 99
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Buy on the dips.
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LunarEclipse
Enlil's Official Story


Registered: 10/31/04
Posts: 21,407
Loc: Building 7
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Just a nice Saturday night dinner at the White House with the Fed chairman and CNBC anchor Maria Bartaromo and after a couple glasses of wine the conversation turns to interest rates...
-------------------- Anxiety is what you make it.
Edited by LunarEclipse (05/02/06 01:05 PM)
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fresh313
journeyman


Registered: 09/01/03
Posts: 2,537
Last seen: 12 years, 9 months
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id like to have a few glasses on wine with maria, i know we wouldnt be talkin about the market
anyways it just shows how emotionally fickle investors [people] are, fear and greed. they know no in betweens.
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LunarEclipse
Enlil's Official Story


Registered: 10/31/04
Posts: 21,407
Loc: Building 7
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Re: No Comment [Re: fresh313]
#5581594 - 05/02/06 02:09 PM (17 years, 8 months ago) |
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It also shows that a few words from the Fed chairman Saturday night that he probably didn't think would be reported Monday afternoon moved a huge market over 1% in about an hour.
-------------------- Anxiety is what you make it.
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EmptySpace
Stranger
Registered: 04/20/06
Posts: 69
Last seen: 16 years, 9 months
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Re: No Comment [Re: fresh313]
#5581759 - 05/02/06 03:12 PM (17 years, 8 months ago) |
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I love it how investors run and hide after hearing news about the federal reserve. I am sitting here and trying to ride their coat tails for a few extra bucks, and all I get is a flat line. The reserve acts if the economy shows a need for some kind of stimulus, it is natural. Investors grow some balls!! Peace.
-------------------- We can't stop here - This is bat country. -Duke--Fear and Loathing in Las Vegas
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fresh313
journeyman


Registered: 09/01/03
Posts: 2,537
Last seen: 12 years, 9 months
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yeah thier pu$$ies, we need a traders forum but all this information getting leaked cuz therye all sleeping with each other over there at the white house, really messes up my beautiful charts and they need to be put in jail like martha.
Edited by fresh313 (05/02/06 03:22 PM)
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Luddite
I watch Fox News


Registered: 03/23/06
Posts: 2,946
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Re: No Comment [Re: fresh313]
#5582020 - 05/02/06 04:31 PM (17 years, 8 months ago) |
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The S&P 500 and the Nasdaq fell less than 1%.
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LunarEclipse
Enlil's Official Story


Registered: 10/31/04
Posts: 21,407
Loc: Building 7
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Re: No Comment [Re: Luddite]
#5582036 - 05/02/06 04:34 PM (17 years, 8 months ago) |
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As it was up earlier in the day, I think it fell over 1%. Or damn close.
-------------------- Anxiety is what you make it.
Edited by LunarEclipse (05/02/06 04:36 PM)
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fresh313
journeyman


Registered: 09/01/03
Posts: 2,537
Last seen: 12 years, 9 months
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AUD/JPY gonna fall right now boooyahhh
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