JPM chose to front run the Fed's stress test announcement scheduled for tomorrow, and dropped their own announcement, along with a rich stock buyback and a dividend increase, into a quiet market this afternoon.
The Fed heard their master's voice, and changed their plans to release the results after the close today. Bernanke has repeatedly shown he is incapable of independent judgement as a regulator. So he blends well with the Obama economic team and the majority in Congress.
The market headed higher, led by the big banks. It was a 'risk on' day.
I seem to recall they did something like this with the last stress test results, and the banks soared, only to give up much of their gains slowly over the next six months.
But this does help to underscore the major policy error in which the Fed and the government are saving the banks and letting the real economy fend for itself.
