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Ben Bernanke on “60 Minutes” Defends QE2

Morning Notes
-Somewhat quiet in global markets
-Bernanke was on “60 Minutes” yesterday in which he was basically defending QE2; he said the Fed’s latest move is not to print money, but to buy US Treasuries to lower interest rates in an effort to stimulate the economy; expressed confidence in his control of the situation (basically that he could raise rates very quickly if he wants to); said fear of inflation is overstated
-World indices mostly down small
-Moody’s downgraded Hungary’s debt rating, which comes as no surprise
-Dollar showing some strength this morning after recent weakness (last week)
-Strength dollar has pushed futures lower this morning
-S&P futures are down about 3 handles from FV
-Commodities are up small
-With no economic items on the calendar, today may make for a quiet day
-Note that Obama is speaking in N.Carolina today; he will address tax cuts extensions and unemployment benefits

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