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Ben Bernanke's Words Were Few, But Impactful

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Barring his authorship of a new bank regulation in 20 years or so, 2013 was Ben Bernanke's last chance to leave his mark on the markets—and he didn't miss it.

Ben Bernanke’s talk about tapering, interest rates and labor-market improvements roiled global markets in 2013, earning the former Federal Reserve chairman the “Power Player of the Year” award in Macroeconomic Advisers’ annual Fedspeak rankings that gauge which central bank officials moved the markets most….

Mr. Bernanke’s average impact per speech was the largest of any Fed official – 4.2 basis points, up from 1.5 basis points in 2012.

Unfortunately for the Beard, his quiet, gentle ways prevented him from sweeping the Fedspeak league tables, as two of his more voluble underlings kept busy shooting their mouths off.

The overall “I Moved Markets” prize went to the sometimes-ebullient James Bullard, the St. Louis Fed president who spoke more often than many of his counterparts. “On a cumulative basis, he moves the ten-year yield by 29 basis points last year,” the advisory firm said in a research note to clients.

Of the speeches included in the analysis, Dallas Fed President Richard Fisher gave the most with 23, “one more than his chart-topping total from 2012,” the firm said. Mr. Bullard was the runner up with 22 speeches.

Bernanke Biggest Market Mover of 2013 — Except for Bullard [WSJ Real Time Economics blog]



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