ART CASHIN: This Week’s Fed Governor Resignation May Be A Much Bigger Deal Than You Think…(Rats Leaving The Ship?)
July 12, 2013
Earlier this week, we got the minutes from the June Federal Open Market Committee (FOMC) meeting. Also, Fed Chairman Ben Bernanke spoke about and answered questions about monetary policy at an NBER conference in Massachusetts.
For the most part, the markets appeared to interpret the tone as dovish. In other words, they were convinced that it might be less likely that the Fed would taper, or gradually reduce, its quantitative easing program.
In what appeared to be unrelated news, Fed Governor Elizabeth Duke submitted her resignation to President Obama.