Mr. Market To Bernanke: Shove It

The person with the most influence over the global economy was—given the required soberness of his position—practically ebullient. The committee he leads “sees the economy continuing to grow at a moderate pace,” he said. “Job gains, along with the strengthening housing market, have in turn contributed to increases in consumer confidence and supported household spending,” he added. “The downside risks to the outlook for the economy and the labor market have diminished since the fall.” The bad news is that unemployment remains too high, he said, but to fight that, his committee is committed to continuing to stimulate the economy with an unprecedented amount of bond purchases until the situation has meaningfully improved.