Maybe the fairly benign Beige Book is on to something and we’re just seeing what has become a typical spring slowdown. In that case, why should the Fed jump off the monetary cliff ahead of its European partners?
All signs are that they will act before before long. If Bernanke doesn’t signal at least a continuation of Operation Twist today, Mr. Market is going to get very cross with him and take risk assets out to the woodshed for a good beating…
