Time for the Fed & ECB to Put Up or Shut Up

Here is the piece I did last Friday after the putrid jobs report.  While the headline number may have indicated an increase of almost 100,000 net new jobs, the underlying data was awful.  Additionally, while the unemployment rate may have fallen to 8.1% from 8.3%, it was primarily due to people leaving the workforce than people being hired.

We already know that Bernanke & Co.  are close to another round of money printing (QE) and this will likely push them into QE3 with a combination of mortgage back security and treasury bond purchases.


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