Bernanke to Stay Accommodative on Monetary Policies
BonTradeWall Street retreated and the US dollar weakened after Fed's Chairman Ben Bernanke's testimony. The Chairman's comments were largely the same as those made in the National Press Club last week, suggesting interest rates will stay low and QE will remain in place for some time. Crude climbed higher initially amid ongoing global growth expectations and continuing Egyptian unrest. Gains were, however, erased after the DOE/EIA reported increases in crude, gasoline and distillate stocks. The front-month contract for WTI crude oil price ended the day at 86.71, down -0.26%. Gold traded choppily and only edged modestly higher despite USD's weakness. The benchmark Comex contract added +0.10% to 1365.5 at close.
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Bernanke to Stay Accommodative on Monetary Policies
