Initial Jobless Claims fall by 12K last week to 377K just above our prediction of 375K. Bernanke says the Fed is prepared to take action to protect the financial system, US economy, in event stresses escalate. Mr. Bernanke says the crisis in Europe poses significant risks to US financial system and the economy and must be monitored closely. Bernanke hints at QE3 but doesn't say it is imminent - Stocks cut some gains, Bonds moving higher. We have been predicting that the Fed will start looking at QE3 for some time. Dow and Bonds on the upside with Dow currently up 102 pts. and bonds up 28bps.
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