Comments from Plosser Dampen Confidence

While the US economic data was positive, comments from the Philly Fed President Plosser poured cold water on QE3. Financial markets were also mixed by ECB President Mario Draghi’s assurance of the need of the new asset purchase program and reports of protests in Spain. In the commodity sector, crude oil initially gained after US President Obama stated that he would do everything to stop Iran’s nuclear program. Prices faltered after investors received Plosser’s comments.

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Comments from Plosser Dampen Confidence