BALTIMORE ( Stockpickr) -- It's data Thursday today, but one set of economic announcements matters more than all the rest: the Fed's rate decision this afternoon and Ben Bernanke's press conference at 2:15 p.m.
Bernanke has been busy for the last several weeks, whispering sweet nothings about QE3 to all-too-excited market participants. The problem with those comments so far is that "sweet nothings" are exactly what the Fed has committed to.
Put another way, talk is cheap, but QE3 is expensive -- really expensive. To me, it's not clear at this point whether Bernanke is seriously considering another aggressive round of quantitative easing, or if he's politicking by merely hinting at it.
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