Today’s Economic Report 2/14/07
Federal Reserve Chairman, Ben Bernanke, gave a testimony in front of Congress today on the state of the economy, among other things. He remarked that his inflation fears had eased, insinuating that interest rates would not need to be raised in the near future. This caused the stock market gains of the day to triple within just a couple of minutes of this utterance. The Dow had risen by about 86 points when I looked a few minutes ago. This man, Bernanke, has glided our previously overheating economy into a perfect soft landing ! It would seem that the stock market rally that began eight months ago will continue for at least one more day. I should warn all investors that the very next issuance of bad economic news could begin the next stock market correction of about ten percent. My advice is to monitor this situation daily if you have any investments that are the least bit profitable this year.
Those of you out there who make plenty of money as a musician, teacher or instructor will not likely be interested in such economic news. I should add that my sitting this morning turned my anger and irritability completely around and re-guided my day into a positive direction. My performance rehearsal this morning has been useful and instructive.
With a watchful eye,
I.C.