Fed To Markets....Never Mind!

A quick break in.....Federal Reserve Chairman gave a speech in Boston after the markets closed yesterday in which he basically indicated in a much more direct manner that interest rates are going to stay low for a very long period.  He basically said that while the Fed uses unemployment as a gauge on the economy that probably is overstating the overall health of labor markets.  

It is looking like the Fed didn't like the reaction to all that "taper" talk back a month or so as stocks lost something like 7% top to bottom.  In particular it probably wasn't happy with the rapid rise in mortgage rates.  Stocks are rallying today on this news.  Will have to sit back and think a bit on what this means now over the rest of the summer.