As Federal Reserve Chairman Ben Bernanke’s tenure draws to a close, these are the top 10 take away from the last night :blog

1.    Janet Yellen voter to taper

2.     Taper nothing more than symbolic – $10B split between Treasuries and MBS

3.     Fed changes forward guidance – Low rates now appropriate “well past the time that the unemployment rate drops below 6.5%”

4.     Bernanke believes FOMC will taper QE probably at each meeting, $10B each time with end of QE before 2014 year end

5.     Fed says tapering will be “in further measured steps at future meetings,” determined “deliberately”, data dependent

6.     Bernanke stresses highly accommodative stance, emphasizes that purchases will go on at rapid rate even after taper

7.     Decision was NOT unanimous – Rosengren voted to keep asset purchases unchanged

8.     Majority of Fed officials see first rate hike in 2015

9.     Low inflation is a problem – “more than a bit of a concern.” Fed now sees PCE at 1.4%-1.6% in 2014

10.   Fed tightens up GDP forecasts, sees faster drop in jobless rate, 6.3%-6.6% by end of 2014

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