FOMC Meeting & Obama Wants Bernanke Gone

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The United States Dollar is experiencing some weakness going in to Wednesday’s FOMC Statement and Meeting.

Investors and economists alike will keep a close eye on the FOMC events Wednesday as the Federal Reserve uses their platform to communicate their current monetary policy.

The statement is due to be released at 2:00pm EST (New York Time) and the Pres Conference with Fed Chairman Ben Bernanke will begin at 2:30pm EST.

Investors will be looking for clues to whether or not Bernanke plans to scale back America’s Quantitative Easing efforts in the near future.

Barack Obama to get rid of Ben Bernanke

The Bernanke Era could be coming to a close soon. President Obama suggested Monday that he would likely nominate a new Federal Reserve Chairman this year. Obama said concerning Bernanke that Mr. Bernanke had “already stayed a lot longer than he wanted or he was supposed to.” Mr. Obama added that Mr. Bernanke has done an “outstanding job.”

January will mark the end of Bernanke’s second 4-year-term.

In an interview with CNBC, former Fed Governor Larry Meyer said that President Barack Obama “basically fired Ben Bernanke on the spot.”

“This is really remarkable,” Meyer said. “I almost fell off my chair when I heard the President’s remarks last night. He basically fired Ben Bernanke on the spot, and gave a fairly tepid testimonial afterward.” (Business Insider)

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