The Week Unpeeled
Fed Chairman Bernankewas clearly a bull-market hater. His use of the word “taper” to describe the new direction of the Fed’s “easy money” bond-buying program sent stocks sharply lower for two days, with the Dow losing 1.8 pct for the week to end Friday at 14,799. Bonds sunk in tandem. That’s a big shift in portfolios but a little perspective. For the year, the Dow is up about 12 pct.
- The G8 met in Northern Ireland and President Obama took his show on the road, meeting briefly with Russia President Vladimir Putin, who was playing the role of Lording over the Ring before becoming seemingly involved in the Snowdon affair;
- The “leaker” Edward Snowden was charged with violating the Espionage Act and is on the run from Hong Kong to who knows where but Latin America looks like a good bet, making for non-stop Where’s-Waldo-style coverage;
- RBS was back in the news amid talk that the UK bank may split into different businesses, unclear if either will be healthy/profitable;
- Avoiding potential early “leaks” themselves, the folks at the Conference Board decided not to give media a peek before official release time of its consumer-confidence surveys (but don’t subscribers probably also share results early?);
- Lights, Smartphones, Action (and ad dollars): Facebook through Instagram is following Twitter through Vine in providing short-video services;
- Tony Soprano died to massive tributes for James Galdofino, fittingly in Italy;
- The Food Network 86-ed Paula Deen for racial slurs; and
- It was a Heat repeat, with Wimbledon now on deck for the week and Tour de France next up.