Helicopter Ben says the economic outlook is "unusually uncertain".......

Translation: Hang on to your knickers !!!!




July 21 (Bloomberg) -- U.S. stocks dropped and Treasuries rallied after Federal Reserve Chairman Ben S. Bernanke said the economic outlook remains “unusually uncertain” even as the central bank prepares to eventually raise interest rates.

The Standard & Poor’s 500 Index fell 1.2 percent to 1,070.51 at 2:49 p.m. in New York after fluctuating between gains and losses at least 15 times earlier. The yield on two- year Treasuries sank to a record low for the fourth time in five days. Oil fell 1.2 percent to $76.55 a barrel.

Bernanke said central bankers “remain prepared” to act as needed to aid growth even as they get ready to eventually raise interest rates from almost zero and shrink a record balance sheet. U.S. equities had rallied earlier after companies including Morgan Stanley, Apple Inc. and Wells Fargo & Co. joined the 83 percent of S&P 500 companies that have beaten the average analyst estimate for second-quarter profit.

“Investors were hoping that Bernanke would give the economy a shot in the arm,” said Burt White, who helps oversee $284 billion as chief investment officer at LPL Financial Corp. in Boston. “But he only said what we already know about the recovery and monetary policy, and we didn’t get that jump start to growth that many had been looking for.” ............(more)

The complete piece is at: http://noir.bloomberg.com/apps/news?pid=20601087&sid=agGIs4C8gp7k&pos=1

:think:

consumer spending. Any money spent on creating jobs comes back in economic recovery. I'm beginning to think that the powers to be don't want a real recovery until after 2012. What they want in my opinion is to shrink the economy, shrink the pie so to speak.

Might have gone over better with the traders... more familiar.. :)