For the past week, the world watched and waited for Federal Reserve chairman Ben Bernanke to deliver his Friday speech at Jackson Hole, Wyoming. Depending on whatever course of action he might reveal save or stimulate the economy, the stock and commodity markets might go up, or they might go down.
In fact, some thought the stock market did go up (or down) in the previous week in anticipation of what Bernanke might say and do on Friday.
As predicted, when Bernanke finished speaking on Friday, the stock market did go down . . . and then back up . . . signaling that Bernanke’s much-anticipated speech didn’t amount to much.
According to the Washington Times:
“Bernanke proposed no new steps by the Fed to boost the economy. But at a time when Congress has been focused on shrinking long-run budget deficits, he warned lawmakers not to ‘disregard the fragility of the current economic recovery.’