The Fed Chair, Treasury Secretary and SEC Chair are playing the uncomfortable role of having to defend a structure that so far consists of little more than an outline. Paulson comes across as strikingly inarticulate in a public setting, though he must be gangbusters in private to rise to the top at Goldman. That lack of articulation is working against him in front of the committee, but this is more political theater at the end of the day as Paulson and Co will get almost all of what they want.
EUR/JPY is dipping along with equities helping keep EUR/USD close to the 1.4700 level while USD/JPY gives ground after a quick blip through 106.00.
