- Bernanke: Unemployment still well above Fed’s view of long-run level
- No mention of post-OpTwist Treasury buying from Bernanke
- Eurozone ministers discuss cutting interest on Greek loans
- HP says its victim of fraud in $10.3B deal
- Reports of Gaza ceasefire which later prove untrue
- US Oct housing starts 894K vs 840K exp
- Canadian Sept wholesale trade -1.4% vs +0.5% exp
- Lacker wants Congressional limits on Fed credit policy
- Belgian consumer sentiment to -24 in Nov from -17 in Oct
- Nexen will accept Canadian govt conditions
- BOE’s Weale says CPI likely above 2% for much of next two years
- S&P 500 up 1 point to 1388
- GBP leads, NZD lags
It wasn’t so much what Bernanke said, it was what he didn’t say. The soft employment forecasts are a sign that the Fed will remain dovish but not the commitment to more bond buying that the market wants.
Euro trading was rather uneventful, chopping around 1.2810 with a range of 1.2784-1.2810. The eurozone meetings on Greece are continuing in Brussels.