Fewer Fed Funds

Despite the weak December jobs report, the Fed will announce later this week that it’s reducing its monthly purchases of Treasuries and mortgage backed securities by another $10 billion to $65 billion/month, down from $75 billion/month in mid-December. Manufacturing continues to improve, Q4 GDP will be 3.3% or better which is good, net exports are rising, as is industrial production and purchases of core capital goods. Bye bye Bernanke.

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