Although many were relieved with the announcement of QE3, yet another Fed official openly criticized the recent stimulus efforts today, making markets extremely leery of the U.S. economy’s future prospects. Federal Reserve Bank of Philadelphia President Charles Plosser warned that the new mortgage bond-buying program is unlikely to boost economic growth, and the policy move can actually hurt the central bank’s credibility. He further stated that “If the public loses confidence in the central bank, our ability to set effective monetary policy in the future will be harmed and households and businesses will feel the consequences”. And as yet another wave of global pessimism hit Wall Street, bearish momentum held its ground for a second day in a row [see Free Report: Seven Simple & Cheap All-ETF Model Portfolios]. Global Market Overview: Fed Division Spooks Markets Despite U.S. Consumer Confidence and home prices reports coming in better than expected, U.S. equities tumbled into negative territory [...] Click here to read the original article on ETFdb.com. Related Posts: ETF Insider: Run For The Hills 17 ETFs For Day Traders Daily ETF Roundup: VXX Pops On Sour Retail Sales, XHB Heads South Daily ETF Roundup: XHB Pops On Optimism, VXX Continues To Sink Daily ETF Roundup: XHB Rises With ISM Data, VXX Sinks Lower
Although many were relieved with the announcement of QE3, yet another Fed official openly criticized the recent stimulus efforts today, making markets extremely leery of the U.S. economy’s future prospects. Federal Reserve Bank of Philadelphia President Charles Plosser warned that the new mortgage bond-buying program is unlikely to boost economic growth, and the policy move can actually hurt the central bank’s credibility. He further stated that “If the public loses confidence in the central bank, our ability to set effective monetary policy in the future will be harmed and households and businesses will feel the consequences”. And as yet another wave of global pessimism hit Wall Street, bearish momentum held its ground for a second day in a row [see Free Report: Seven Simple & Cheap All-ETF Model Portfolios]. Global Market Overview: Fed Division Spooks Markets Despite U.S. Consumer Confidence and home prices reports coming in better than expected, U.S. equities tumbled into negative territory [...]
Click here to read the original article on ETFdb.com.
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