Bernanke's Timely Balm
After weeks of talking past each other, Ben Bernanke and the markets finally managed to click—if only for a day. On June 29, when the Federal Reserve raised interest rates by a quarter-point for the 17th time in a row, to 5.25%, the Dow shot up 217 points and bond markets picked up (see BusinessWeek.com, 6/29/06, “Stocks Rally After Fed Hikes Rates”).
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