Inside Ben’s Brain

Defensive. Nervous. Pensive.

That’s how Ben Bernanke came across yesterday during his press conference. In a halting way, he discussed adjusting Fed economic targets, stock-vs-flow theories of balance sheet management, and—the big news—tapering Fed purchases of Treasury and Mortgage-Backed securities. But what was most interesting was what the Fed Chairman didn’t say. Early on he noted that he would not discuss whether he would like to stay on as Fed Chair.

Maybe that’s he’s just shy, or maybe it’s because President Obama noted that he had stayed on longer than “he was supposed to” the day before, but that’s the one question the Chairman seemed ready for. Otherwise, he was edgy and tense, tapping his hand on the podium, half-closing his eyes in an inward gaze as he expounded some of the subtleties of monetary policy.

So why was he nervous? Bernanke’s been an outstanding leader, bringing transparency and collegiality to an arcane and confusing institution. It’s taken a toll, though—his beard has a lot more grey now than it did in 2006. But as someone once said, “It’s not the years, it’s the mileage.” Given the ground he’s covered, Ben just may be ready to leave it behind.

Douglas R. Tengdin, CFA

Chief Investment Officer

By |2013-06-20T09:38:03+00:00June 20th, 2013|Global Market Update|0 Comments

About the Author:

Mr. Tengdin is the Chief Investment Officer at Charter Trust Company and author of “The Global Market Update”. The audio version of each post can be heard on radio stations throughout New England every weekday. Mr. Tengdin graduated from Dartmouth College, Magna Cum Laude. He received his Master of Arts from Trinity Divinity School, Magna Cum Laude and received his Chartered Financial Analyst (CFA) designation in 1992. Mr. Tengdin has been managing investment portfolios for over 30 years, working for Bank of Boston, State Street Global Advisors, Citibank – Tunisia, and Banknorth Group. Throughout his career, Mr. Tengdin has emphasized helping clients manage their financial risks in difficult environments where they can profit from investing in diverse assets in diverse settings. - Leave a comment if you have any questions—I read them all! - And Follow me on Twitter @GlobalMarketUpd

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