But the midpoint of your inflation projections are below your 2 target through 2016. Is that inconsistent with the lift off during that time. Is there a case that your threshold should be supplemented with a lower balance right, you wont taken if inflation is at or below some lower balance . In the latter part, of course you are seeing interestrate projections and inflation projections separately. Each individual making their own projection. I think you are right i. That is one of the reasons that i think we can be very patient in raising the federal funds rate as we have not seen any inflation pressure. Im having an inflation floor. That would be in addition to the guidance we are discussing how we might clarify the guidance on the federal funds rate. That is certainly one possibility. I guess an interesting question there is whether we need Additional Guidance on that given that we do have a target, and of course implicit in our policy strategy is trying to reach that target for inflation. And inflation floor is certainly something that could be a sensible modification or addition to the guidance. Dow jones newswire. Many investors were expecting the fed to move at least a little bit in pulling back the bond buying project today. Given that you all decided not to do that, do you have any concerns that to once again the fed is confusing investors and sending mixed signals . Ben bernanke well, dont believe i recall stating we would do anything in particular in this meeting. What we will do is the right thing for this economy. Our assessment of the data since june is that taken collectively, didnt quite meet the standard of satisfying or ratifying or confirming our basic outlook of increasing growth, increasing labor markets and inflation moving back towards targets. We try our best to communicate, the market will continue to do that, we cannot let market indicate our actions. It has to be indicated by this assessment of what is needed for the economy. [inaudible] peter barnes, fox business sir. You mentioned fiscal issues in a statement today. Are you concerned of a Government Shutdown . We are hearing about that possibility. Did that come up in your discussions at this meeting of what do you think would be the impact of a Government Shutdown on the economy and what could the fed, with the fed be prepared to respond to that and help the economy with additional accommodation for example additional asset purchases. Thank you. Bernanke a factor that did concern us in our discussion was upcoming fiscal policy decisions. I would include the possibility of Government Shutdown, but also the debt limit issue. These are obviously part of a very complicated set of legislative decisions, strategies, battles, et cetera. Which i wont get into, but it is the case, i think, that a Government Shutdown and perhaps even more so a failure to raise the debt limit could have very serious consequences for the Financial Market and for the economy. The Federal Reserve policy is to do whatever we can to keep the economy on course. So if these actions let the economy to slow, we would have to take that into account, shirley. This is one of the risks we are looking at when we think about policy. That being said, again our ability to offset these shocks is very limited particularly a debt limit shock and it is incredibly important that congress and the Administration Work together to find a way to make sure the government is funded, having services are provided. The government pays his bills and avoid an event like 2011 which had at least for a time in noticeable adverse effect on confidence and the economy. Cnn money. This year marks five years since the financial crisis began. Hank paulson, who youve worked very closely with, says his biggest regret was he was unable to convince the American People that was was done were not from wall street, they were from main street. What is your biggest regret as reflect on the five year anniversary, and th you believee fed, congress and the president , have put the necessary measures in place to prevent another deep financial crisis . Bernanke on regrets as Frank Sinatra says, i have many. The biggest regret i have is we didnt forestall the crisis. Once the crisis got going, it was extremely hard to prevent. I think we did what we could given the powers that be had, i would agree with hank that we were motivated entirely by the interest of the broader public that our goal was to stabilize the Financial System so that it would not bring the economy down. So that it would not create massive unemployment and Economic Hardship that was even more, would have been even more severe by many times than what we actually saw. So i agree with him on that. Since you gave me the opportunity, i would mention of course all the money that was used in those operations has been paid back with interest and so it hasnt been costly even from a fiscal point of view. In terms of progress, that is a good question. I think we have made a lot of progress. We had doddfrank passed in 2010, and recently have come to agreement internationally on a number of measures including other agreements relating to the shadow Banking System and other aspects of the Financial System the it i think today our large Financial Firms are better capitalized by far than they were certainly during the crisis and even before the crisis. Supervision is tougher. We do stress testing to make sure firms can withstand that only normal shocks but very large shocks similar to those experienced in 2008. Very importantly we now have a tool we didnt have in 2008 which would have made a significant difference if we had it, which is the Liquidation Authority the dodd frank bill gave to the fdic in collaboration with the fed. The fdic with other agencies has the ability to wind down a failing Financial Firm in a way that minimizes the direct impact on the Financial Market and on the economy. I dont want to overstate the case. Theres a lot of more work to be done. The United States has set the course internationally. Other countries and International Bodies are setting up standards for resolution regimes which are very select those in the United States making the better cooperation across borders. We are still some distance from being fully geared up to work with foreign counterparts to successfully wind down and international, multinational Financial Firm. We made progress in that direction, but we need to do more, i think. There is more to be done on derivatives, although there has been a lot done to make the trading derivatives safer. It is going to be probably sometime before all of this stuff that has been undertaken, all of these measures are fully implemented and we can assess the ultimate impact on the Financial System. Mr. Chairman. A numbe number of economies andd some of your fed colleagues have argued that the effectiveness of quantitative easing has greatly diminished if not disappeared. And they point to the recent performance of the economy as proof of that. There have been a number of people who argue there are regulatory and other impediments beyond the reach of Monetary Policy. To what extent are these valid arguments and if the economy does not speed up, does not reach your objectives, how will you ever get out of quantitative easing . Bernanke on the effectiveness of our asset purchases, it is difficult to get a precise measure. Theres a large academic literature on this subject and a range of results, some suggesting this is a quite powerful tool, some that it is less powerful. My own assessment is that it is effective. You see that some of the strongest sectors, the leading sectors have been intersected sectors and they have been successful strengthening financial conditions thereby promoting recovery. So i do think i have been effective. You mentioned the hasnt been any progress. There has been a lot of progress as i said in the beginning labor market indicators while still not where we would like them to be are much better today than where we began the latest program a year ago. Importantly as referenced in our statement, that happened not withstanding a set of fiscal policies that would cost between 11. 5 Percentage Points of real growth and hundreds of thousands of jobs. So the fact we have maintained improvements in the labor market that are as good or better than the Previous Year notwithstanding this fiscal drag is some indication that there is at least a partial offset from Monetary Policy. As you say there are a lot of things in the county Monetary Policy cannot address. Include the effectiveness of regulation, they include fiscal policy, they include developments in the private sector. We do what we can do, and if we can get help, we are delighted to have help from the policymakers in the private sector and we hope that will happen. The criterium for ending asset purchases is not some high rate of growth. What it is is criteria substantial improvement in the outlook for the labor market and we have made significant improvement. Ultimately we will reach that level of substantial improvement and at that point we will be able to wind down the asset purchases. Again, and i think people dont fully appreciate that we have two tools, asset purchases and rate policy and guidance about rates, it is our view the rate policy is actually the stronger more reliable tool and when we get to the point where we are close enough to full employment rate policy will be sufficient, i think we will still be able to provide even if asset purchases are reduced we can provide a highly accommodative monetary background that will allow the economy to continue to grow and move toward full employment. American banker. The Financial Oversight Council has designated a couple nonbank citizens and others to follow. However little has been said for how specifically these firms will be regulated by the fed which has been achieved criticism of the entire process. Given that, can you provide us any guidance at this point in terms of how far along the fed is in terms of letting the banks know how they will be regulated besides tailoring the plan . Bernanke the two firms that have been designated, aig and ge capital have been recommended by the fed because both of them are savings and loans thrift Holding Companies so we have a lot of already experience with those firms and contact with those firms. I want to use the word tailored because they want to design a regime appropriate for the Business Model and the particular firm, but our other objective and what makes designation particularly noteworthy is that the primary goal of the supervision by the fed is to make sure that the firms doesnt endanger the broad Financial System. So we will be looking at not just the usual safety and soundness type matters or supervision, which both can be again tailored to the types of assets and liabilities the firm has, but also we are going to want to focus on things like resolution authority, practices relating to derivatives and other exposures, interconnectedness, et cetera to make sure the firm in its structure and operations doesnt pose a threat to the wider system. That is what is going to be distinctive about our oversights not only of these designated firms but also the large bank Holding Companies that we already oversee and are already subjecting to tougher supervision and higher capital stress test and all the rest. Mr. Chairman, one of my colleagues was remarking as we came in here we dont often get surprises from the Federal Reserve. This was a surprise. He talked about you hadnt telegraph anything specifically but you had seen the market reaction, i am sure. Are you intending a surprise today and did you get the intended result hashtag and taking the action of the bond purchases going forward, what point do you believe youre starting to complicate the exit strategy simply by continuing to keep the fed foot on the gas pedal to you make life more, candidly Federal Reserve down the road . Bernanke it is our intention to try to set policy as appropriate for the economy as i said earlier. We are somewhat concerned. I wont overstated, but we do want to see the effects of higher Interest Rates on the economy, particularly Mortgage Rates on the housing. The extent our policy makes conditions today makes conditions just a little bit easier, that is desirable. He wants to make sure the economy has adequate support and in particular less surprising the market or easing policy as it is avoiding a tightening until we can be comfortable the economy is in fact growing the way we want it to be growing. This was a step, a precautionary step, if you will. It was the intention is to wait a bit longer, and to try and get confirming evidence to whether or not the economy is in fact conforming to this general outlook that we have. I dont think that we are complicating anything for future fomc. We have developed a variety of tools, and we think we have numerous tools that can be used to both manage Interest Rates and to ultimately unwind the Balance Sheet when the time comes. I feel quite comfortable that we can raise Interest Rates at the appropriate time even if the Balance Sheet remains large for an extended time. That would be true of course for future as well. Mr. Chairman, from politico. Do you think all the attention being paid to who will be your replacement has had any immediate effect on the fed and could it have any lingering affect on your successor and also did in the process we come to politicize or is this part of a healthy debate . The Federal Reserve has strong institutional credibility and it is a strong institution, highly Competent Institution and it is independent, nonpartisan. Im not particularly concerned about the political environment for the Federal Reserve. I think the fed will continue to be an Important Institution in the United States and it will maintain its independence going forward. Thank you, mr. Chairman. From marketwatch. Was there discussion amongst the committee for change and afford guidance to 6. 5 jobless rate and could you say why the committee decided to hold that study . In light of the weaker economy. Bernanke as i mentioned earlier the committee has regularly reviewed the Forward Guidance, and there are a number of ways in which the Forward Guidance could be strengthened. For example, inflation floor, there are other steps we can take, we can provide more information of what happens after he gets to 6. 5 in those sort of things. The extent we can provide precise guidance, that would be desirable. Now it is very important we not take any of these steps lightly. We understand all the implications and that we are comfortable it will be, any modifications of the guidance will be credible to the market and to the public. We continue to think about options, a number of options we have talked about, but today, as of today we did not choose to make any changes to the guidance. L. A. Times. As you may know, the Census Bureau reported yesterday that the poverty rate in the Median Household Income saw no improvement last year. Wonder when you see Median Income turning up significantly for most people, and in light of the fact people in the middle and the bottom have seen very little of the gains relative to higher income households, how would you assess the quantitative easing and fed policies . So that is certai certainly e there are too many people in poverty. There are a lot of complex issues involved. There are complex measurement issues. I would just have to mention that. There are a lot of issues that are really longterm issues as well. For example, it might seem a puzzle that the u. S. Economy gets richer and richer, and yet there are more poor people. The explanation of course is our economy is becoming more unequal. More very rich people and people in the lower half who are not doing well. There is a lot of reasons behind this trend which has been going on for decades, and economists disagree about the relative importance of things Like Technology and International Trade and unionization and other factors that have contributed to that. My first point is the longrun trends it is important to address these trends but the Federal Reserve does not have the tools to address the long run distributional trends. They can only be addressed by congress and the administration. It is up to them to take those steps. The Federal Reserve, we are doing our part to help the median family, the median american. Because one of our principal goals, we have two principal goals. Maximum employment, jobs. The best way to help families is to create employment opportunities. We are still not satisfied with where the labor market, the job market is. We will continue to try to provide support for that. The other goal is price stability. Also helps make the economy work better for people in the middle and lower parts of the distribution. So we use the tools that we have. It would be better to have a mix of tools that work, not just Monetary Policy, but fiscal policy and other policies as well. We dont have a certain set of tools and those are the ones we use. Again, our objectives of creating jobs and maintaining price stability are quite consistent with help in the average american, but theres a limit to what we can do for long run trends and i think those are very important issues that congress and the Administration Needs to look at and decide what needs to be done there. Some emerging countries are blaming the fed for the financial distress they are experiencing. How did you judge whether market reacted to the announcement back in june . Thank you very much. Bernanke i talk a little bit about his medication in. Let me talk about the emerging market which i think is an important issue. Let me first say we have a lot of economists who spend all of their time looking at and National Aspects of Monetary Policy and we spent a lot of time looking at emerging markets. I spent a lot of time talking to my colleagues, so were watching that very carefully. The United States is part of a globally integrated economic and Financial System and problems in emerging markets or any country for that matter can affect the United States as well. So were watching those developments very carefully. It is true, changes in longerterm Interest Rates in the United States but alter the mac other economies have effect on emerging markets including those who try to pay their Exchange Rate and can lead to some capital inflow or outflow but also other factors that affect inflow and outflow. Those include changes in risk preference by investors, changes in growth expectations, different perceptions of institutional strengths within emerging markets across different countries. So there are lots of factors that are playing a role, that is a reason why different emerging markets have had different experiences. They have different institutional and different policies. But just to come to the bottom line here, we think it is very important that emerging markets grow and are prosperous. We pay close attention to what is happening in those countries. It affects the United States. The main point i guess i would end with is what were trying to do with our Monetary Policy is i think my colleagues in the emerging market realize is trying to create a stronger u. S. Economy, and a stronger u. S. Economy is one of the most important things that could happen to help the economy emerging markets. And again, my colleagues, many of them appreciate that not withstanding some of the effects they may have felt efforts to strengthen u. S. Economy and other advanced economies in europe and elsewhere ultimately down the benefit of Global Economy including emerging market as well. Thank you very much. Bernanke thank you. There you have it, fed chief ben bernanke calmly facing reporters with somewhat of an alarming message here that the Economic Data points that we have seen over the last year still do not warrant tapering. Scaling back of the 85 billion bond purchases the fed has pretty much consistently been making month after month. And actually we know that is a worrisome message but stocks loved it, equities skyrocketing in the wake of the fed punch. The market hitting new record highs after the stunner from the fed. Lets get you up to speed. We are showing you intraday charts. The dow was like pushing down about 42 points. Within seconds of the notepaper announcement at 2 00 p. M. Eastern time it soared up 144 points. It was up around 117 points. Earlier down 59. As you can see, we are experiencing in a placement of 239 points for the dow. The largest since june 24. The s p 500 down about one to two points before the announcement took off for the moon. Now well above 1705. 1725, intraday high and a record high. We are picking this one because look at this jump as well. 1077 right now. It was at 1060 before the announcement. Gold behaving rather strangely. Five minutes before the fed decision it was around 1313 per ounce having a very tough couple of days. Seconds before the announcement even came out, it suddenly spiked. This has people suspicious that the message get out, but what a spike from of 8 to up 47 per troy ounce. Take a look at crude oil. We see it now nearly doubling up about 2. 80. As you see, investors are rejoicing at this call for notepaper. And yet rich edson is looking at the other side of this. Nicole petallides on the floor of the New York Stock Exchange. Sandra smith. We saw they could my days and traders New York Stock Exchange cme group and all over the place. We have this covered. I want to get right to sandra smith, everybody is talking about gold. How is it possible both equities and gold move higher . Nicole it is the weak u. S. Dollar. We sought plunge after the announcement was made. Almost a month and a half lows for the greenback. Those are all denominated in u. S. Dollars. Gold up 47 right now. That is a flight to safety. When investors are not sure of what is going on, individual investors looking at the market take off and we are eventually going to have to pay for this at some point. If you are unsure about this situation, youre going to buy an asset like gold. Silver, dont underestimate that. Up more than 1 right now. Crude oil prices already higher after an inventory report spiked above 2. Jumps after the announcement now oil at 2. 60. A value across the board. Gerri equities, what a move here. Lets put aside how some of the viewers feel about quantitative easing and if it is too much now and getting ridiculous. I said both side of the trade your position themselves accordingly. The government has been playing i have a secret. The economy seems be worse off than we know it is are we have been told it is. The market spikes right off here. Very concerning. We talked about information, transparency coming out of washington. This did not give us a good feeling coming out of this today. Gerri there is a split between equities, a lot of you are invested. The Actual Health of the economy down. Ben bernanke stressed this early on, ongoing decline he has seen in Labor Force Participation rate him, he is specifically referencing the most recent jobs report we saw for august that indicated we saw Unemployment Rate dropped down because people dropped out, they are discouraged. He is very worried, is he not . You are right, that is something that jumped up, but also in the Forward Guidance indicated they not only had recent games in a number of jobs, but Forward Guidance the jobs are going to continue to be increased and Unemployment Rate will continue to fall at an increasing rate. What we are hearing is life is better, it will get even better, but 85 billion is still appropriate now, and that is sort of confusing. Gerri it was peter barnes question, a lot of reporters asked smart questions. Peter barnes question about how much did the looming debt ceiling debate or potential Government Shutdown effect this decision . Right away he said it actually really concerned us. Surely everybody is watching this in congress. The Business Community when the chamber of commerce is coming out publicly lobbied for congress to avoid a Government Shutdown to avoid letting the debt ceiling be preached, look at the political conditions right now, youre still seeing the same lineup we saw a couple of years ago. Democrats and republicans are at an impasse. So when you look at what congress is dealing with right now, theyre finally beginning to get the public pressure, but there is also pressure on the ministration to negotiate the debt ceiling, that public pressure has come a lot later than it did last time making folks nervous. Gerri when we come back, Nicole Petallides will look at the homebuilders. They love this news. The closing bell ringing in 27 minutes. The economic gods are ruling the roost. Our allstar panel telling us exactly why ben bernanke shocks the market but decided not to go for the tabor just yet. From the Federal Reserve angle, former fed insider and wells fargo insider. And pimco. These are amongst the brightest in the best. Did you cant afford to miss what they say next. [ male announcer ] now, taking care of things at home is just a tap away. Introducing at t digital life. Personalized Home Security and automation. [ lock clicks ]. That lets you loser to home. Thats so cool. [ male announcer ] get 100 in instant savings when you order digital life smart security. Limited availability in select markets. [ engine revs, tires squeal ] [ male announcer ] since we began, mercedesbenz has pioneered many breakthroughs. Breakthroughs in design. Breakthroughs in safety. In engineering. And technology. And now our latest creation breaks one more barrier. Introducing the cla. Starting at 29,900. How old is the oldest person youve known . We gave people a sticker and had them show us. We learned a lot of us have known someone whos lived well into their 90s. And thats a great thing. But even though were living longer, one thing that hasnt changed much is the official retirement age. The question is how do you make sure you have the money you need to enjoy all of these years. Gerri okay, folks, this is fascinating to me. Probably because it is considered the fear trade up 50 per troy ounce. Also focusing on the fact that ben bernanke while speaking very calmly in a way had a very, i would say, concerning message, disconcerting no doubt. As we see the neglected to taper, which is what the conventional wisdom was expecting when it came to the market. Things look marginally better. Apparently they dont. Peter barnes ran down from the press conference at the Federal Reserve. Give us some color first into how reporters in that group reacted when they heard no fed tapering and the reaction to your specific question about the governments involvement and how he was looking not just at Rearview Mirror data that also at what he is worried about now, the potential Government Shutdown. No question there was a lot of surprise when we got the no tapering policy statement because so many of us had talked to so many analysts and economists who were saying they can do a down payment or a slow launch of tapering and really not rattle the market so what is a downside to that, the market seems to price it in. I went right to the paragraph on asset purchases, bond purchases. I went wow. I heard a colleague say the same right next to me. As far as my question was looking down the road, they mentioned they want to keep the quantitative easing going at full blast because they are concerned about the fiscal issues in washington. Potential Government Shutdown and potentially some republicans are saying not immediately approving the debt ceiling workplace fighting over that. Take a listen. A Government Shutdown and even more so raised the debt limit could have very serious consequences about the Financial Market and the economy. Federal reserve policy is to do whatever we can to keep it on course. We would have taken into account. Which means the fed would stand ready to accommodate more perhaps increase quantitative easing. I asked him about that. He said it took 2011, it really slowed the economy. I went back to look at 2011, the growth was about 3 . The Third Quarter after the fight over the budget and the debt ceiling it was cut in half about 1. 5 . There is some concern. Gerri he said that concerns us. Peter reference this. This is the fed statement. We saw what happened, as the news broke we can cycle through some of these charts as we continue this, the market just skyrocket. An allstar panel to break down the big fed surprise on the tapering. Managing director with pimco, wayne angell. We did the 10year yield down slightly and the vix down. We have Stuart Friedman on the stock side. Speaking about how the market really reacted and finally wayne angell, former Federal Reserve warboard governor, real insider. I will begin with you, did this surprise you they did not taper . They did not hammer it. No, this was not surprising at all. Meetinghouse am a people dont understand chairman bernanke does not quite get it. Chairman bernanke thinks the fed is an uneasy stands, but the fact of the matter is the fed is driving is 1 foot on the gas pedal and 1 foot on the brake. Gerri people with 401 k are thrilled. The s p jumping well above its previous highs. The first thing it did was went from 16 and change to 1705. Now you see it is now. Does it continue . We spin this forward and say yes, but is that a oneshot deal and will we wake up tomorrow with a bit of a hangover, should people be worried about their portfolios . The market already saw the day the fed was seeing, investors and analysts have seen some of the numbers from employment and economy. The market was already expecting that economy was there. The fed would taper a little. Generally expectations were that they would not stick where they are. They did, and in normal circumstance you say really what that means is the economy is not as good as Everyone Wants to think. I think what happened was the markets today said another 10 billion, another five lien per month for a while, that has to go somewhere. Gerri where is it going . You guys have 135 billion in assets over pimco in much of it is in bonds and a lot of it is treasuries. We saw the bond yields, the 10, 30, the benchmark is the 10 of course. As you look at that, what message does that send to the investor who is watching us right now . The message it sends its the economy simply is not that strong. The market was pricey and much higher rate hikes then we think are going to materialize. The important thing from this morning is the fed has downgraded the growth estimates for 2014. If you look at the forecast for inflation even the fed forecast which we think is optimistic calls for inflation under 2 . What this basically tells us is the fed is going to be much friendlier for longer. For bond and equities. Gerri you heard ben bernanke said they switched their output in a meeting from about 20142015 to about 2016. Were going to talk about that, what do they see for jobs, unemployment, everything. Our allstar panel coming right back. Stay tuned as you watch the market right here on fox business. You are watching equities right now. Stay tuned, we are following it for you. Gerri if there was one sector that immediately indicated this was a great day for certain equities, the homebuilders. Take a look, big jump for all of them. Also Toll Brothers moving higher. It is not directly related, we need to point that out, will remain low. Lets get back to our allstar panel. In a way, was this decision not to taper, how well the Housing Market has been doing on ben bernanke and company because there was only one loan hawk. She said she is worried about asset bubbles. Do you see as tha the bubbles ie Housing Market . No, i do not. The market isnt working very well, fed fund market isnt working, and regulatory policy, my goodness, how big of a mistake could they make. The chairman doesnt seem to understand the regulatory foot on the brake and consequently the market, the economy is doing pretty well, and i think that showed up in the stock market today. Gerri where would you look forward and see better investments come . We actually like a lot of Corporate Bonds. We have been buying Corporate Bonds anticipating the backup and rates was overdone. We have been buying autos and housing and energy and gaming bonds between five and half6 . The news this morning is very positive for housing. A supply and demand imbalance. We are not building enough houses is really a land short market, so he homebuilders will do quite well in this environment. Gerri what about from equities . I think this is good news for the economy going forward, basically what the fed says real rates are a little high. Now a little lower. Again that would be good for housing. It will help the industrial part of the economy move ahead. Gerri i start to look at some p e ratios, they are 11, 15, 22. The s s p is not terribly overvalued. Our target is in the 1650s, 1700 area for this year, now were over that target range, we could have some volatility from here until the end of the year. We see more earnings growth, another 5 and p e expansion if the fed is not going to be tapering and that is a place s p could be at the end of next year. Dont think it is overpriced. Liz for those of us looking at the unemployment picture, and we see fewer people per dissipating in the search, things are not looking that bad on certain levels, certain metrics, but are we overstating how decent things are at the moment . I get worried with all of this icing spread over a cake in the form of aunt purchases, the cake does not taste good at all. You are correct. The labor market does not show the economy that we would like to see. The economy chairman ben bernanke would like to see, but we have to keep in mind the fed is not having its foot on the throttle, only it has its foot on the brake and consequently i think these markets should be seen from that perspective that is the regulatory break, so it would be far better if we could get things moving in a different direction in the money market and fed fund market. Liz looking at the new highs and equities today across the Broad Spectrum everything from dow chemical to safeway, it is a good day for the market we can at least say that much. Wells fargo advisor chief equity strategist and wayne angell, we thank you. Former Federal Reserve board governor. We are less than six minutes away from the closing bell. You can see where we are right now, a clear win for stocks, a win for gold. Silver, oil, all that and more bumping up against the closing bell. Stay tuned, you cant miss this [ villain ] well mr. Baldwin. It appears our journey has come to a delightful end. Then i better use the capital one purchase eraser to redeem my venture miles for this trip. Purchase eraser . Its the easy way to erase any recent travel expense. I just pick a charge, like my flight with a few taps, its taken care of. Impressive baldwin. Does it work for hotels . Absolutely thank goodness. Mrs. Villain and i are planning our. You scare me. And i like it. 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Serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet or body swelling; enlarg or painful breasts; problems breathing while sleeping; and blood clots in the legs. Common side effects include skin redness or irritation where applied, increased red blood cell count, headache, diarrhea, vomiting, and increase in psa. Ask your doctor about e only underarm low t treatment, axiron. [ babies crying ] surprise your house was built on an ancient burial ground. [ ghosts moaning ] surprise your car needs a new transmission. [ coyote howls ] how about no more surprises . Now you can get all the online Trading Tools you need without any surprise fees. Its not rocket science. Its just common sense. From td ameritrade. Liz as we cecil very, gold and equities skyrocketing, we go right up to the closing bell. Adam david asman. Thinking about adam. David asman just ran down here to join me. What is, wayne angell said it wasnt a surprise to him at all but its a surprise. David please, wayne angells favorite person in the fed is esther george. Esther george is the one dissenter. If he had his way it would be the way she had it to begin at least, beginning to taper. It did catch a lot of people by surprise. Nicole petallides at the New York Stock Exchange, we only have to look at two indices to see what a shocking surprise it was. One is the 10year yield which immediately began to go down. Interest rates crashed as bernanke announced he would print more money. Of course printing more money means the price of the dollar falls and price of gold skyrockets. At one point, i kind of lost track how much gold has gone up right now. Look at this, 16 basis points drop for the yield on the 10year. Dave, you got it all right and what we saw were the indices moving to record highs. Analysts on wall street were taken aback, right . They didnt expect this move here. Obviously we have our fed head looking to fiscal policy and showing his worries about that and david nicole, forgive me for interrupting, were looking at 57, put gold on there, 57. 50 right now. This has to be one of the biggest jumps in the price of gold. Liz david in the last 19 seconds it jumped another 7. Just a minute ago it was up 50. Now up 57. You see the biggest reaction among metals. Were looking at individual stocks, shares of federal express, which of course is a transport, climbing following quarterly earnings. [closing bell ringing] here is the closing bell. David once again, this is the biggest jump in the price of gold since march 2009. Anybody who says they werent surprised on this was not trading today because the traders were shocked. All you have to do is look at all the indices. What the indices dont show, gold jumped up 4. 3 today. The best intoday see, index of how shocking this news was that the fed decided to do nothing rather than taper. Liz we saw the volatility index, that fear index, start to move lower than it already was. After the bell starts right now. David huge moves in the market todayings after that fed surprise. We have all the angles covered for you. First of all, tim holland, a capital par
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