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Oh my God, I have run out of doveish metaphors to describe the Fed.
Like Austin Powers seeing a mole – all I can do is say dove, Dove, DOVE! Bernanke used his farewell speech last night to actually turn into a dove, fly around the room and poop on the Dollar, saying: "EVEN AFTER unemployment drops below 6.5%, and so long as inflation remains well behaved, the Committee can be patient in seeking assurance that the labor market is sufficiently strong before considering any increase in its target for the federal funds rate."
The OFFICIAL unemployment rate is just 7.3% and we're about 6 months away from seeing 6.5% – even if things go splendidly in the economy (and the Government doesn't shut down again in January) but the broader U6 unemployment rate is still more like 14% and ShadowStats calculates the actual unemployment rate (of actual people who want jobs but don't have them or people who want good jobs and have crap jobs) is more like 24% in the US, so we are miles and miles and miles and miles and miles away from 6.5%:
What the bulls should be concerned about is the LACK of reaction Bernanke's commentary is now getting. I…
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