Abdullah Karatash
After Fed took to the microphone
Stocks closed on a heavy note even after Fed Chairman Ben Bernanke took to the microphone.
The S&P stock index closed down -0.65% while corporate credit spreads closed wider (despite feeling somewhat firm early in the morning).
The market sent a clear message that with or without the Greek confidence vote, any resolution will be messy.
On that note, Fed Chairman Bernanke said that the Federal Reserve can take more action if conditions warrant it.
What this translates to in plain English is that the Federal Reserve stands ready (trigger-happy?) to print more money when things get messy on the other side of the Atlantic.
What seems to be lost in this is that monetary policy cannot, and should never be, a substitute for fiscal policy.
The onus is on Congress to step up to the plate.
In the fight to lead the IMF (International Monetary Fund), Mexican Central Bank Governor (and former IMF Vice President) Agustin Carstens appears to be catching up to European front-runner Christine Lagarde.
Carstens has an impressive record taming Mexican inflation and has garnered much support from the EM / BRIC bloc of countries.
The race will be interesting.
On the technology front, there is a lot going on under the radar.
Aggressive information security breaches are drawing attention to the need for corporations and institutions to get serious about data security, both mobile and otherwise.
Recent notable victims of these hacking attacks include the CIA, the IMF, Lockheed Martin, SONY, Citigroup etc.
Even data security company RSA was breached; players should watch for smaller companies with better technology to start grabbing market share.
All eyes will be on initial jobless claims tomorrow.
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