Dovish Hawkish See-Saw

It doesn’t come as a surprise that Bernanke said that “a highly accommodative policy is needed for the foreseeable future”. This, despite the previous statement he made suggesting that tapering of the stimulus program will start if economic conditions continue to improve. We might as well guess that the next statement he makes will be of a hawkish tone again. Maybe the lesson to be learned is not to take what he says too seriously, since there is nothing definite in his wordings anyway.