Well what did you expect?..................from Rico

Excluding Hilsenrath of the WSJ, what did anyone REALLY expect the debt-monetizer-in-charge of our favorite privately-owned, for-profit, central bank with a monopoly on the US money supply (lovingly called the Federal Reserve although it is not federal and has no reserves) to say today?

- The facts? The truth?

 

Surely NOT during Yellen of the Fed's semi-annual Humphrey-Hawkens testimoney (we are not above the law, except we are) before Congress.

 

Drudge used the headline: MInd your business!

- And Yellen did indeed warn Congress 'off' the crazy idea of any Fed reforms, telling them to 'tread lightly.'

 

You can be sure the media poodles will instead focus on her words "the Fed might raise rates, maybe" and regurgitate the other data presented without actually understanding that what was said was "the data is what we want it to be, when we want it to be."

 

Arguably somewhat smarter than Congresscritters, what is left of the markets (S&P and Treasury bonds) rolled-over smartly and took a dump.

 

And the "wise guys" who think they are the smartest ones in the room (and with this aforementioned lot, maybe really are) took the opportunity for their traditional and obligatory 'unbacked-paper-short' smash of Precious Metals (Silver and Gold) and puked on the CRIMEX.....er, COMEX.

 

All in all, a perfect day that could have been perfectly expected.

- No surprises or news here.