It is hard to imagine the bearded Ben Bernanke being picked to play Goldilocks. But the chairman of the Federal Reserve has been cast in the role by a stock market stuck in a fairy tale where the bears are forced to eat cold porridge.
Yesterday part of the spell began to evaporate, after investors interpreted Fed minutes and Mr Bernanke’s testimony to Congress as indicating that monetary policy could be tightened earlier than expected (with “a number” of Fed policy makers willing to act as soon as June if the economy looks strong).
Gold and the S&P 500 both fell while 10-year bond yields jumped back above 2 per cent, hurt by the prospect of the Fed reducing its bond purchases.
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