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Find below the CNBC wrap of Bernanke’s testimony that triggered last night’s market bounce. It boils down to a defence of QE and the likelihood of it continuing for ever, plus a warning on the “sequster” fiscal cuts which represent 0.5% or so of GDP. Liesman’s wrap-up looks right to me.
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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