As ForexLive correctly observes, the only headline that matters is the take from Fed-watcher-in-chief Jon Hilsenrath at the Wall Street Journal.
His take?
Bernanke has opend the door to more easing.
The first pargagraph from the article is even more direct:
Federal Reserve Chairman Ben Bernanke offered a robust defense of the effectiveness of the central bank's easy-money policies in his Friday speech at the Fed conference in Jackson Hole, Wyo., and left little doubt that he is looking toward doing more to give the economy a lift at the Fed's next policy meeting in September.
Initially the reaction to the speech was that Bernanke did nothing new, but if Hilsenrath is saying the speech signals readiness to do more, then that means Bernanke is ready to do more.
And if you want a beautiful, instant look at how conventional wisdom changed in a manner of seconds, just look at gold.
From down sharply to up sharply in a flash.
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