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Nothing surprised us in the Fed’s prepared statement. The Bernank remains Indefinitely Dovish. 

  1. Inflation – he finally admitted it’s there
  2. Growth – he talked it down (because his US GDP forecast was wrong by a lot, again) 

Marked-to-market reaction: 

  1. US Dollar = DOWN
  2. Gold = UP
  3. Oil = UP 

The Bernank perpetuates The Inflation but takes no responsibility for it. The ongoing risk of a US Currency Crash remains.


Keith R. McCullough
Chief Executive Officer