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Ben Bernanke’s testimony was billed as the top event of last week, but mercifully it resulted in few fireworks on Wall Street.
The Federal Reserve chief reiterated his prior themes and stressed that any reduction in stimulus is still highly dependent on economic data.
If anything, there was an ever-so-slightly more dovish edge to his comments. The U.S. 10-year Treasury bond, which tumbled back in June, has now recouped its entire loss.