How Bernanke's Speech In Jackson Hole In Causing Ripples Down The Shore

Today is a holiday-shortened session but that doesn't mean that the markets will be on vacation. Early in the morning, the Fed's favorite predictor of inflation -- the Personal Consumption and Expenditure report -- showed modest growth overall for the economy. The 1.9% data point for July 2006-July 2007 is within the Fed's "tolerance" zone of 1.00-2.00 percent annually. Fed officials have stated publically that PCE is flawed, so I am not really sure how highly the Fed regards PCE...

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[Source: The Mortgage Reports Blog]