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Here’s comes the yen correction, yes, really!
Once again, JPY is correcting from its sharp rise as results of market jitteriness over the comments by none other than the Japanese Economic Minister Amari himself on the excessive Yen weakness…
As a matter of fact, I believe after this lesson, Japanese officials are going to be more careful with what they say, and all indications are still pointing to further JPY weakness… But don’t take my words for it, here’s what Japanese politicians are saying:
- Japan Economic Minister Amari (culprit #1 for the recent yen strength) stated that his comments on JPY earlier this week were misinterpreted and he never said 100 level in USD/JPY was a turning point. He planned to attend BOJ meeting next week (Jan 21-22nd) and hoped the BOJ would understand PM Abe’s strong hope to adapt 2% inflation target
- Japan LDP Secretary General Ishiba (culprit #2 for the recent yen strength) commented that the JPY currency was in the process of correcting from excessive strength. Monetary policy must be aggressive to help the economy to recover
- Japan Chief Cabinet Secy Suga: The end of deflation and excessive JPY currency strength was proceeding smoothly
- Japan Vice Finance Minister Yamaguchi commented that government would keep fiscal discipline in FY13 budget. He added that he would attend BOJ meeting next week and expected an agreement between BOJ and government
- Japan PM Abe reiterated his view that he would like someone with strong will to overcome deflation for new BOJ government and this would lead to a more fundamental change in monetary policy.
I conclude that the current Japanese administration still supports further depreciating the Yen and will do whatever it takes to drive inflation back above 2%, even if it means changing the administration at BOJ. This is not only a powerful message, but the smoking gun that we need to hold on to our long-term positions. I believe we will see JPY resume its weakness and I wouldn’t be surprised to see USDJPY breaching the 100 level.
So if you are shorting the JPY, might as well hold on.
The Most Anticipated Eurogroup Meeting For The Year…
(GR) Germany, France, Italy and Spain to meet on Greece today, will look to reach a joint stance ahead of scheduled Eurogroup meeting on Tuesday Nov 20th (tomorrow)
- Germany wants an enhanced EFSF supervision.
- Will not release next aid tranche before Nov 26th- Extended Greek bailout target to 2022 is not a done deal.
(GR) EU/IMF/ECB Troika to report to the Eurogroup and provide an update on Tuesday, Nov 20th - Need to find an agreement on Greece tomorrow.
(GR) EU President Juncker:
- Progress is being made to find an agreement between IMF and Europe over differences on Greece; Expects a deal will be reached soon and next tranche of aid will be paid.
- Note: The Eurogroup this week highlighted some difference between the IMF and EU on the Greek debt to GDP target.
- Greece’s 120% debt/GDP remained still the benchmark for Greece sustainability, but that target might be pushed back from 2020 to 2022 (in line with request by Greece since the June elections).
- The IMF seeks to keep the target for 2020 and not give Greece extra time
How to interpret these headlines?
This is probably the most anticipated Eurogroup meeting of the year, as the fate of Greece will be decided in this meeting, or at the very least, a cleared policy framework will be provided as time is literally running out for Greece. With IMF now being the major hurdle because of the debt-sustainability issue, the Eurogroup may have to pickup the slack and take partial losses to cover the extra 2 years of discrepancy, eh Extension, for Greece. If they are unable to reach an agreement, then there is a real risk that IMF may pullout of the deal as Lagarde is obviously playing hardball.
IMF’s Lagarde: Greek solution should be convincing and sustainable
I believe that due to the uncertainty of the outcome of this Eurogroup meeting, EURUSD has the potential to swing in either direction, but assuming that Greece gets the extra 2 years of extension and Eurogroup somehow finds the funding needed to support that, then we should see a strong Euro… Any delay in approving Greece’s extension or release of the bailout tranche should add selling pressure to the Euro; after all, time is not on their side.
The now-ubiquitous prior revision higher in jobless claims made the rise in jobless claims of 4,000 seem a lot less than otherwise as claims didn’t even budge the market’s needle. Coming in at 367k, slightly better than expected but within the 352k to 392k range that it has been in all year, the most interesting thing we can say about today’s print is “it’s off the lows”. After last week’s significant beat, no follow through is seen as we contonue to muddle through.
by Henry Liu on September 21, 2012
(EU) Euro was spurred higher after FT Deutschland speculated Spain was drawing near to a formal rescue plan that may be unveiled as early as next week. Press report also indicated Spanish govt has formulated a specific economic reform program that was being discussed behind the scenes among EC and Spanish govt officials.
(EU) During the session some Euro weakness being attributed to the SNB selling EUR/AUD (this is part of diversification from maintaining the EUR/CHF peg); AUD/USD for its part was up +0.8% above $1.05.
(EU) There was also a report that a Hedge fund was taking off a hedge on a large fixed income play, the single currency dipped to a low of $1.2955. There was also some chatter that Middle East Central Banks were in the market as buyers, this took the currency higher above $1.3035.
(EU) IMF’s Lagarde speculated Spanish banking recapitalization would be somewhere in €40-80B range, below the €100B secured from European officials;
(GR) Greece official: Approx 95% of aid package to be agreed on by Sunday 23rd Sept; troika to leave by end of week – financial press – IMF pushing creditors to accept a new haircut that would not involve the ECB or the IMF
(GR) Press reported that the troika may put off its report on Greece until after the November US election to avoid roiling the global economy.
How to interpret these headlines?
Recent EURUSD consolidation is obviously due to the correction of the gains from Fed’s surprise QE3 announcement last week and the launch of OMT by the ECB the week before. Of course, today’s report out of SNB on their diversification into AUD also provided some clarity as to how EURUSD dropped to the low-end of 1.2900 against on such a short notice, but it is important to note that the overall trend for further bullish breakout remains unchanged, in my opinion…
Considering that Spain may request a bailout as early as next week, the current Spanish Banking Aid is more than adequate, and the fact that Greece may get a stay of execution until November, we have now a good recipe for EURUSD upward breakout in the coming weeks. Traders who have gotten out of EURUSD longs are now looking for areas to re-enter, as a below 1.3000 EURUSD exchange rate is not only attractive, but relatively safer than 1.3150 entry. I believe we’ll see EUR resuming its bullish trend soon, capitalizing on both U.S. QE3 and ECB’s OMT promises; I’ll be shooting for 1.3475 target on the EURUSD in the next few weeks…
by HENRY LIU on SEPTEMBER 19, 2012
(JP) BANK OF JAPAN (BOJ) LEAVES TARGET RATE UNCHANGED AT 0.0-0.1%; EXPANDS ASSET PURCHASE PROGRAM BY ¥10.0T TO ¥80T; CUTS ECONOMIC ASSESSMENT
- Raising total size of the program through purchases of assets from ¥45T to ¥55T, with ¥5T in additional JGB purchases and ¥5T in additional T-bill purchases; Keeping fixed rate fund supplying operation at ¥25T.
- Total size is ¥55T + ¥25T = ¥80T
- To extend asset purchase deadline to end Dec 2013.
- To purchase treasury bills by end June 2013.
- To remove minimum bidding yield for JGBs, corporate bond buying.
New economic assessment: Pick-up in economic activity has come to a pause reflecting deceleration in overseas economies.”
Outlook: “Economic activity expected to level off more or less and y/y rate of change in CPI to remain around 0%.
Prior economic assessment for July: “Economic activity has started picking up moderately as domestic demand remains firm, supported by reconstruction-related demand.”
Policy: Decision to expand stimulus was unanimous. To continue to conduct policy in appropriate manner.
- Overseas economy has moved somewhat deeper into deceleration phase.
- Uncertainties regarding global economy continue to remain high, incl European debt problems.
- Japan economy registered high growth in H1 of 2012, supported by firm domestic demand
(JP) Japan Fin Min Azumi: BoJ actions were more significant than expected; surprised by the ¥10T expansion of Asset purchase fund.
(JP) Bank of Japan (BoJ) Gov Shirakawa Press Conference: “Japan’s economic recovery may be delayed by six months due to a prolonged slowdown in global growth…”
- BoJ is not less bold than the Fed or ECB. No central bank would act just because others did.
- Anti-Japan protests in China did not impact today’s decision, not sure how it will impact economy in the future.
- China continues to slowdown, their economy may face a turning point after high growth period.
- Focus is on the question of whether a smooth transition to milder growth can be reached in China.
- US corp sentiment and labor market is weak but housing is showing some signs of improvement.
- EU data is showing core EU countries are starting to be dragged down from peripheral countries.
- Decline in EU bond exports and excessive domestic investment are risk factors for China’s economy.
How to interpret this event?
Bank of Japan has responded to the recent stimulus launched by the Feds dubbed “QE3?, with more stimulus of their own in a new attempt to depreciate the yen as JPY’s rapid rise puts Japanese economy on watch for further stagnation. This announcement came as a total surprise even to Japan’s own Finance Minister Azumi, as most analysts expected BOJ to act behind the curve as usual. Of course, this is likely to add more pressure on the JPY as both stimulus and threats of intervention limit its upside potential.
With major central banks racing to pump more liquidities into their economies and the fact that there is finally a light at the end of the tunnel with the EU debt crisis, I believe the days where traders pile up on the JPY for the safety factor is waning, thus it may be time to start running JPY carry trades once again.
I’d be looking to go LONG on GBPJPY and EURJPY. I’ll take advantage of high impact releases this week out of UK to buy on dips, if we see dips…
At 2:30 pm CET, 8:30 am EST, Mario Draghi will take the podium and either whip out the Bazooka, which may lead to the resignation of Jens Weidmann from the ECB governing council and further unpredictable consequences (the ECB already broke European money markets when it lowered the deposit rate to 0.00%), or a water pistol, in the process destroying any remaining credibility he may have once and for all. More importantly, what today will show is who currently has the upper hand: Goldman, via its assorted money printing muppets, or Germany, for whom Weimar is always one CTRL-P away. Find out as soon as the ECB building fire alarm goes off and when Mario Draghi presents the latest and greatest details of his plans to reporters.
- DRAGHI SAYS INFLATION WILL REMAIN ABOVE 2% IN 2012, TO DROP BELOW 2% IN 2013
- DRAGHI SAYS INFLATION EXPECTATIONS ARE FIRMLY ANCHORED.
- ECB HAS DECIDED ON MODALITY FOR BOND PURCHASES IN SECONDARY MARKET
- DRAGHI SAYS PURCHASES WILL ADDRESS DISTORTIONS IN BOND MARKETS
- DRAGHI SAYS ECB WILL HAVE A FULLY EFFECTIVE BACKSTOP
- DRAGHI SAYS ECB WILL ACT STRICTLY WITHIN ITS MANDATE, ECB ACTS INDEPENDENTLY, EURO IS IRREVERSIBLE
- DRAGHI SAYS GOVERNMENTS MUST BE READY TO ACTIVATE EFSF, ESM
- DRAGHI SAYS NEED STRICT CONDITIONALITY
- DRAGHI SAYS ECB TOOK DECISION ON COLLATERAL
As for the economy, it’s a goner:
- ECB 2013 GDP FORECAST -0.4% TO 1.4%
- ECB PREV. 2013 GDP FORECAST 0.0% TO 2%
- ECB 2012 GDP FORECAST -0.6% TO -0.2%
- ECB CUTS 2012 GDP FORECAST TO -0.4% FROM -0.1%
- ECB 2012 INFLATION FORECAST 2.4% TO 2.6%
The SMP 2.0 is called OMT: Outright Monetary Transactions: the same as SMP 1.0 but only buying bonds under 3 years.
- DRAGHI SAYS TRANSACTIONS HAVE STRICT CONDITIONALITY ATTACHED
- DRAGHI SAYS IMF INVOLVEMENT WILL BE SOUGHT
- DRAGHI SAYS ECB TO CONDUCT TRANSACTIONS IF WARRANTED
- DRAGHI: ECB MAY TERMINATE ACTIONS IN EVENT OF NON COMPLIANCE – just in case Berlucsoni is reelected
- DRAGHI SAYS THERE ARE NO EX-ANTE QUANTITATIVE LIMITS
ECB says bonds will be pari passu: unclear if this means retroactive as well, which would make the ECB balance sheet insolvent on Greek bond losses.
- DRAGHI SAYS TRANSACTIONS WILL BE FULLY STERILIZED
Finally, since SMP 2.0 is now here, SMP 1.0 is history:
- DRAGHI SAYS SMP IS TERMINATED
- DRAGHI SAYS LIQUIDITY OF SMP WILL CONTINUE TO BE ABSORBED
- DRAGHI SAYS ECB WILL HOLD SMP SECURITIES TO MATURITY – in other words, no sales. Ever.
There is one major problem, for the administration at least, when it comes to presenting labor data that is not “compiled” by the Bureau of beLabored Statistics and its Bank of Spain-endorsed Arima-X-13 seasonal data fudging program: it reflects realty, not statistical or seasonal adjustments, and certainly can not be skewed this way or that depending on what best suits the incumbent presidential candidate two months ahead of the election. Which is why one won’t read anywhere that one of the most reliable indicators when it comes to real time hiring data as reported by the actual job market and not by some conflicted, data challenged organization which on top of everything has data leak issues, namely Help Wanted ads just plunged by the most since the Lehman collapse.
Because while the ECB’s disappointing announcement tomorrow will come and go, and the market may rise or fall, depending on how much accrued inflation and money printing is used by Draghi to push stocks higher, and sovereign bond yields of insovent countries lower, absent any of these monetary channels resulting in actual economic improvement (and as a reminder the central banking monetary transmissions pipelines have been clogged for a long, long time courtesy of… central planning), all of it is for nothing.
And all of it may be indeed be for nothing if the reality presented by New Help Wanted ads plunging by a whopping 325,700, or the most since February 2009 in the past two months, is allowed by the BLS to penetrate the facade of made up NFP reporting.
From Credit Suisse:
This measure of labor demand suggests businesses have become a lot less willing to hire in the last two months. Jobless claims in recent months are not showing a deteriorating picture for the layoff side of payrolls, but help wanted online ads are showing weakness on the hiring side.
Biggest two-month drop since the recession three years ago. Help wanted online ads posted a second straight triple-digit decline in Aug after Jul’s big drop. Importantly, new ads accounted for the bulk of the weakness.
The two-month drop for headline help wanted online ads was -262.3K, while the two-month drop for new ads was -325.7K. Both were the worst two-month stretches since Feb 2009.
For the visual learners:
And confirming that the Help Wanted ads is not alone in predicting what in a non-banana kleptocracy otherwise be a wildly negative NFP print, here is the correlation between the Philly Fed index and the NFP change, courtesy of Newedge’s Brad Wishak.
Of course, should the NFP indeed tumble by as much as it otherwise would if reality was even remotely reflected in official economic data, the stock market would likely open limit up as a negative NFP print would virtually assure that Bernanke would throw another $1 trillion or so of reshly printed Benjamins into the fire pit, because after all in the New Normal, what has failed 3 times will surely work on the 4th, 5th, or some other time.
h/t Pedro da Costa
The market is not amused…
- *BERNANKE SAYS STAGNATION IN LABOR MARKET IS `GRAVE CONCERN’
- *BERNANKE SAYS FED WILL BOOST ACCOMMODATION AS NEEDED FOR GROWTH
- *BERNANKE SAYS HE WOULDN’T RULE OUT FURTHER ASSET PURCHASES
- *BERNANKE: QE `SIGNIFICANTLY LOWERED LONG-TERM TREASURY YIELDS’
- *BERNANKE SAYS IMPACT OF QE IS `ECONOMICALLY MEANINGFUL’
- *BERNANKE: BIG BOOST IN QE MAY REDUCE CONFIDENCE IN SMOOTH EXIT
Those are the headlines. Here is the disappointing conclusion , which promises nothing new at all:
As I have discussed today, it is also true that nontraditional policies are relatively more difficult to apply, at least given the present state of our knowledge. Estimates of the effects of nontraditional policies on economic activity and inflation are uncertain, and the use of nontraditional policies involves costs beyond those generally associated with more-standard policies. Consequently, the bar for the use of nontraditional policies is higher than for traditional policies. In addition, in the present context, nontraditional policies share the limitations of monetary policy more generally: Monetary policy cannot achieve by itself what a broader and more balanced set of economic policies might achieve; in particular, it cannot neutralize the fiscal and financial risks that the country faces. It certainly cannot fine-tune economic outcomes.
As we assess the benefits and costs of alternative policy approaches, though, we must not lose sight of the daunting economic challenges that confront our nation. The stagnation of the labor market in particular is a grave concern not only because of the enormous suffering and waste of human talent it entails, but also because persistently high levels of unemployment will wreak structural damage on our economy that could last for many years.
But here is where Bernanke literally kicks the market in the teeth:
A second potential cost of additional securities purchases is that substantial further expansions of the balance sheet could reduce public confidence in the Fed’s ability to exit smoothly from its accommodative policies at the appropriate time. Even if unjustified, such a reduction in confidence might increase the risk of a costly unanchoring of inflation expectations, leading in turn to financial and economic instability.
Bernanke just admitted the risk of deferred inflation and thus checked to Congress once again. And with the Fiscal cliff coming up, not to mention elections and the debt ceiling fight up ahead, good luck Chairman.
Following a series of bad economic news (Eurozone unemployment, rising inflation, plunging retail sales in Germany, Spain and Greece) out of Europe, and the usual sound and fury out of the ECB signifying nothing (was there finally news that Weidmann and/or the Buba are endorsing anything Draghi is doing – instead of seeking to potentially quit his post leaving the ECB in limbo? No? Then stop flashing red headlines which are completely irrelevant), the EURUSD has decided to go on its usual countersensical stop hunt higher in hopes an algo or two will push it even higher on nothing but momentum, with has one purpose only: to allow the pair enough of a buffer so that when it does fall after the J-Hole disappointment, it has more room to drop. And as European newsflow fades into the periphery, everyone is once again focusing on Wyoming where Bernanke is now broadly expected to do absolutely nothing. What else are market participants focusing on? Here is the full ist courtesy of Bloomberg daybook.
- Treasuries decline before Bernanke’s Jackson Hole speech, scheduled for 10am New York time; 10-yr yields lead curve higher.
- Economists and strategists don’t expect the Fed chairman to signal imminent policy moves
- Euro-area unemployment rose to a record 11.3% in July and inflation quickened more than economists forecast as rising energy costs threaten to deepen the economic slump
- The Bundesbank declined to be drawn on whether President Jens Weidmann considered resigning over the ECB’s plan to resume bond purchases, as tension between the two institutions mounts
- ECB Executive Board member Joerg Asmussen said the IMF should be involved in setting conditions for countries applying for bond-buying aid from Europe’s bailout fund
- The ECB would have the sole power to grant banking licenses under proposals to give the central bank supervisory powers and build a euro-area banking union, a EU official said
- JPM economist Malcolm Barr expects ECB to implement “soft cap” on front-end yields, where purchases establish range wherein ECB resistance to higher yields becomes progressively stronger
- French corporate leaders criticized Socialist President Francois Hollande’s government for policies they say hurt companies already battered by a slowing economy and decades of business-unfriendly practices
- Mitt Romney accepted the Republican presidential nomination and reached out to disaffected supporters of President Barack Obama, framing the election as a choice between two visions of the role of government in America
- Clint Eastwood said U.S. unemployment is a “national disgrace” and that the Obama administration isn’t “strong enough” in dealing with 23m unemployed
- The ECB is using Europa, a figure from Greek mythology, improve security on new euro banknotes, four people familiar with the design said
- EUR/USD gains, touching 100-DMA at $1.2584. German bunds decline while Spanish and Italian 10-yrs gain. Peripheral
spreads tighten. European stocks and U.S. equity-index futures rise. Crude gains
- Credit steady amid a dearth of new issuance, with Markit IG at 103bps, Markit HY at 544bps
WHAT TO WATCH: (All times New York) Economic Data
- 9:45 am: Chicago Purchasing Managers, Aug., est. 53.5 (prior 53.7)
- 9:55 am: University of Michigan Sentiment, Aug. final, est. 73.6 (prior 73.6)
- 10:00 am: Factory Orders, July, est. 2.0% (prior -0.5%)
- TBA: NAPM-Milwaukee, Aug. (prior 46.7) Central Banks
- 10:00 am: Fed’s Bernanke speaks at Jackson Hole conference
- 11:55 am: BOE’s Haldane on financial stability at Jackson Hole
- 1:15 pm: BOE’s Posen on monetary policy at Jackson Hole
Yesterday, when the market was plunging (by less than a whopping 1%, yet magically defending the 13K “retirement off” threshold in the DJIA), we wondered: where is the Fed’s favorite messageboard: WSJ “journalist” Jon Hilsenrath. We found out at 3 am, when instead of releasing another soon to be refuted rumor of more easing, we discovered that the scribe was busy doing something very different: discussing the pros and cons of the Chairsatan’s legacy.
When the chairman speaks Friday morning at the central bank’s annual retreat here, he must once again address whether there is more the Fed can do to get the economy going and whether it is worth taking chances on controversial new programs. All along he has argued these efforts are worth it and appears likely to stick to that line in his speech.
Beyond big issues of the moment—such as whether the Fed will launch a new bond-buying program—a broader question looms in Jackson Hole about Mr. Bernanke’s legacy. Long after his term as chairman ends in 17 months, will he be remembered as the Fed chief who did too little to combat high unemployment or the one who did too much and unleashed inflation and financial instability with the actions he took? Critics make both arguments.
So what’s the head of the world’s most important CTRL-P macro to do?
How Mr. Bernanke acts now depends in part on which he sees as the stronger critique. As an academic before joining the Fed, Mr. Bernanke often criticized central bankers for dealing too passively with financial crises and economic malaise. As Fed chief, he has confronted many limitations to the policies he controls.
If it were up to the market, the answer is clear: “liquidity: uber-alles.
Investors are hoping for more than that. They want clear guidance about what the Fed will do next, though Jackson Hole hasn’t been a staging ground in the past for big policy pronouncements.
The problem that even Uncle Ben now grasps is that the most another round of QE will do is buy, temporarily, a few S&P points.
Economists who have looked at the Fed’s bond-buying programs don’t see them producing big improvements in economic activity and some say the effects wear off over time.
The Fed has purchased more than $2.3 trillion of bonds since 2009, yet the economy expanded at a paltry 1.7% annual rate in the second quarter and unemployment was 8.3% in July, according to government data.
Bernanke’s logic is sadly not only 100% flawed but totally inverted:
Mr. Bernanke has argued that when the Fed buys long-term Treasury securities or mortgage bonds, it pushes down long-term interest rates and pushes up prices of assets such as stocks. Fed officials also believe the purchases help weaken the dollar. The combination of lower interest rates, higher stock prices and a weaker dollar spurs spending, investment and exports, top Fed officials believe.
Uhm, if all it took to get the Dow to 36,000 was negative rates on bonds, the Swiss stock market would be at +infinity right about now. That it isn’t is merely a factor of just how pervasively incorrect economist thinking about the “liquidity trap” has been. In fact, instead of promising endless accommodation, if the Fed really wanted to force consumers to lock in rates, he would say that the current Z/NIRP policy would only last a X more months, but not more, and watch the scramble to refinance, raise debt, and buy real estate. The resulting surge in asset prices may actually have been able to restart the virtuous economic cycle which has been missing since 2008 when Bernanke and his colleagues broke everything with their pervasive central planning.
Instead, the only beneficiaries from endless easing are the banks. It is no surprise that the biggest supporters of QE are precisely the banks.
Goldman Sachs chief U.S. economist Jan Hatzius estimates that a $500 billion bond-buying program would boost growth by 0.2 percentage point for a year and bring down the unemployment rate by 0.1 percentage point. Alan Sinai, chief economist at Decision Economics, estimates such a program would boost growth by 0.3 percentage point and bring down the jobless rate 0.2 percentage point.
Yet they are both for more bond buying.
“It’s minimal but it’s something,” Mr. Sinai said.
Actually, for your year end bonus, it is quote maximal. As it will be for the hyperinflation which will inevitable arise following the increasing amplitude of deflationary and inflationary episodes, when at one point, following the latest and greatest plunge in prices, the Fed and all other central banks have no choice but to superglue the CTRL-P keys in the on position. After that, go long wheelbarrows.
Finally, and as usually happens, those who tell the truth are those who actually have been in, or just next to, the Chairman’s shoes,and no longer have anything to lose by telling the truth. Sure enough:
William White, former head of the monetary department at the Bank for International Settlements in Basel, Switzerland, says in a paper for the Dallas Fed that easy-credit policies have spurred a succession of financial bubbles over decades and made fiscal authorities complacent about bringing down budget deficits.
“Simply following ultra-easy monetary policy is not the solution to the problem,” he said.
We presented the paper previously here, but whatever you do, don’t present this letter to any of the career academics, none of whom have actually ever held a real job ever, and who are currently in charge of the world’s money supply: after all they would rather take the world down with them to either the fire of hyperinflation, or ice of hyperdeflation, before they admit the past 100 years of economic “theory” have been woefully, terminally wrong from the start.
As for what will be Bernanke’s legacy, that is not up to a Fed mouthpiece to “objectively” discuss. That will be up to everyone else whose lives will be destroyed by central planning in the coming years.