Fighting the Fed

Last August, as the Federal Reserve was preparing to embark on its next monetary policy strategy, Operation Twist, I wrote about its potential consequences in the column, The Honey Is Gone.

Yesterday, the Federal Reserve announced its intention to extend its zero-interest-rate policy (ZIRP) until the end of 2014. In his Q&A period that followed the announcement, Chairman Bernanke went even further by indicating that he did not foresee interest-rate increases until sometime in 2015. Equities and sovereign bonds in the U.S. immediately rallied on the announcement, and I think it's important to understand why....657 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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