Stocks rallied hard off the FOMC statement and subsequent press conference. The intraday commentary on this is here.
So what next? Somewhat discounted in the paper party is the dull fact that Ben and the Fed are driven by the dire state of the economy, despite their cheerful words to try and calm the markets.
And monetary policy is a blunt instrument, ill-suited to stimulating an economy that is broken and in serious need of rebalancing and reform.
Nothing good will come of this, but it may take some time to work itself out.
