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It appears that Federal Reserve Chairman Ben Bernanke’s Wednesday presser on Fed policy had a disastrous affect on the markets:
Bernanke in his press conference reiterated the Fed’s afternoon announcement that the U.S. economy is looking up but unemployment is still too high.
He added that they expect unemployment to fall to roughly 6.5 percent by mid-2014, at which point the Fed will start dialing back its $85 billion per month bond purchases.
Obviously, the markets didn’t like that. Not one bit:
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Featured image Yahoo! Finance.
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