Well, this was somewhat predictable. Ben Bernanke skips to Jackson Hole, Wyoming to hawk his Federal Reserve propaganda, but doesn’t explain a concrete plan for firing up his trusty printing press. Is he testing the waters? I mean, we know he is just itching like a crack addict for more stimulants – ahem, I mean stimulus.
Instead he hinted that Congress may need to “act” – whatever the hell that means - to spur hiring and economic growth, while the Fed, by keeping interest rates low, will promote growth over time.
But a big part of the speech was Bernanke telling Congress and Obama that they need to step it up and take action – which of course, sets up his case for QE3 this fall: ”I gave you politicians a shot. It didn’t work so you are forcing me to inject the economy with billions of dollars.”
So at this very moment QE3, or should we say the ”Fed printing press extravaganza,” is on hold. But for how long? A month, two months? After all, we have a President and a Federal Reserve chairman that have very heavy trigger fingers.