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On The Market's Central-Bank-Induced Bipolar Disease

"We're suffering from central-bank-induced bipolar disease, bouncing from joy to despair number by number," notes Bloomberg's Richard Breslow.

"We certainly have aspirations of better growth, higher inflation and a road map," but he adds, this is simply "another way of saying we're completely data-dependent."

As Eric Green at TD wrote, that explains why yields are more correlated to data surprises than at any point this year.  

You could see it as numbers came out last night that were statistically inside projections, and markets responded exactly as you'd expect.

And then there is Bill Dudley, who made it quite clear yesterday you shouldn't put too much weight on the dots, that economic projections are guesses by nature.

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So "good news is bad news, bad news is good news," for the foreseeable future; and The Fed is entirely making it up as they go along now, having exposed to the world the reality that QE does nothing for the real economy.