The Bernanke Rally?

By Ambrose Evans-Pritchard:

Bravo Bernanke for telling the screaming markets to go to bed without their supper.

There can be no justification for QE3 at a time when core inflation is creeping up to 2pc.

Nor when the M2 money supply is growing at 10pc, or M1 growing at 20pc, or credit is at last returning from the dead and turning positive again. Credit has accelerated to an 8pc annual compound growth rate over the last three months. And remember, Bernanke is a “creditist”. Lending is his lodestar.

Quite why markets seemed so assured that he would intervene to prop up Wall Street is beyond me.

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