The Dow Jones industrial average tumbled more than 200 points Wednesday, thanks to the Federal Reserve chairman Ben Bernanke, who spoke during a press conference in Washington.
"Generally speaking, financial conditions are improving," Bernanke said.
That's right. Good news, was bad news.
Bad news because today, for the first time, Federal Reserve chairman Ben Bernanke talked seriously about taking the drug away from the addict. That's right. He's talking about cutting back on the Fed's stimulus program - quantitative easing - which is pumping $85 billion a month into the economy and frankly...we've all gotten addicted to the extra padding.
We're now on round three of QE,and each new round has been pretty good for the dow.
But starting later this year, the Fed's gonna start taking the drugs away and may even cut the addicts off entirely by the middle of 2014 if the economy continues to improve.
Outfront tonight: Ben White, Chief Economic Correspondent for Politico.