So the easy money game in the US market lives to play another day. Dallas Fed President Fisher dissented. Fisher's timing is right, and Bernanke's continues to be off. Timing is everything. Bernanke remains in a political box, pandering to Washington and Wall Street.
Bernanke's confusion will ultimately breed contempt. Maybe not today, but soon enough. I am actually long the market for a "Trade", but will be selling into strength now. Bernanke wasn't in the area code of being hawkish enough here. It's going to be a long summer...
My call is that if Obama wins, Bernanke will be gonzo in 2009. Fisher wants Bernanke's seat, and he made the right call today by nudging his foot in the door.