The (What taper?) Day Today 19 Sept

And so the world's most important central bank blinks. They teed up the market for tapering and then claimed that 'tightening financial conditions' meant they have to wait and see. Stock markets duly rallied as the punchbowl remains and the party really is back in full swing. We thought the Greenspan put was strong, but the Bernanke put is even more explicit. Buy stocks, wear diamonds, and worry about how much harder the exit got, later...

* Global stocks jump to 5 year high, the Malaysian Ringgit strengthened the most since the post Asian crisis in 1998 {NSN MTD2VS6TTDSL < . . .

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