A downbeat Bernanke has spooked an already jittery market and stocks have dumped 250 points. EUR/JPY has come undone again, falling back to 1378.70 from above 140 little more than two hours ago. The market wants rate cuts but doesn’t want the downbeat economic outlook that accompanies them…
FOMC minutes from the last meeting are due out in about half an hour but they are now ancient history as the Fed makes policy on the fly. Gentle Ben just gave us his outlook…
