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Things Bernanke Did Not Say 伯南克没有说的事情

It was not much what emerged from Bernanke's words, but the market seemed to decide that a new round of quantitative easing is just around the corner. As it is often the case, media expand on often laconic comments by central bankers to draw conclusions that are all but warranted. What Bernanke did not say is that Fed would still Warrant an extended period of exceptionally low rates; some members of Fed Committee believe that this could start having deflationary consequences.
We do not expect a new round of QE will be announced at next Fed meeting; BCE might have disappointed  on September 6th and Fed meeting will coincide with decisions from Germany on the permanent rescue fund. Contrary to Bernanke's opinion, there is growing concern among other members of the Committee that unemployment might have structural rather than cyclical explanations. 
If that is the case it is only when Europe eventually will embark on a process of political convergence that unemployment could start dropping, both in Europe an the US.


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