Federal Reserve Chairman Ben Bernanke made a cordial testimony yesterday, a month now before he is due to step down from office. Essentially, he restated that the quantitative easing measures need to remain in place until the economic Recovery picks up further steam, but such measures have greatly benefitted the economic pickup and that the economy is strengthening thanks to such measures.
There is nothing but appreciation for Ben Bernanke's handling of the Federal Reserve policies, and I admire this Statesman greatly. His unique style has helped keep just that degree of suspense that is discretion, while at the same time sharing as much information as has been necessary to bolster stability. The world stock markets got a boost after his testimony yesterday.
It remains to be seen how the Obama administration will fix the debt ceiling issue, which Treasury Secretary Jack Lew has indicated may fall due in October. Will it be bi-partisan co-operation by the Republicans and the Democrats as before? When everything is going so well, it is to be expected that they will push through the required votes to help Recovery stay on course, as would be both prudent and necessary.
Whoever is selected to be the next Fed Chairman, essentially the pro-growth policies are expected to stay in place.
I have a hunch that the Dow Jones Industrial Index will either shoot for 17000 by the end of the year, or head up for 16000. What the mind of man can conceive and believe, it can achieve. I sense it will be possible.