WHAT IS AN EXTENDED PERIOD?
Jimmy says he knows what it means but markets have gotten confused. Wednesday Hoenig scared investors fretting about keeping interest rates low for an extended period and the implications of a bubble. Bernanke didn’t mention “extended” either during his testimony which brought out the doubters. Today’s Jobless Claims data assured bulls the punchbowl would remain extended so we rallied after some initial spillover confusion. And consumers were out shopping with an early Easter even though many are out of work. Is it just pent-up demand combined with spring fever and boredom?