Courtesy of Lee Adler of the Wall Street Examiner

The financial Twitterverse talking-head wackosphere is making a big deal this weekend over another Jerry Mahoney Hilsenrath piece in the Wall Street Journal. I can see why everyone is so excited. I got behind the WSJ paywall and read the article. Now, out of respect for the sanctity of copyright I won’t repost any big pieces of it. I’ll just give you the gist in these snippets. I mean, this is groundbreaking shit people, so sit down, put on some nose clips, and make yourself comfortable.

Fed Maps Exit From Stimulus

Federal Reserve officials have mapped out a strategy

Officials say they plan to reduce the amount of bonds they buy

careful and potentially halting steps

varying their purchases

timing on …start …still being debated

intense interest in financial markets

strategy being debated

Fed plenty of flexibility

might not be the clear and steady

Officials are focusing on clarifying

want to avoid creating expectations

dial it back…Fed hawks

abrupt or surprising end… send stocks and bonds in the other direction

delayed end could allow markets to overheat

Fed’s strategy… source of some uncertainty

Fed said “prepared to increase or reduce the pace of its purchases”

acknowledgment that more aid… might be needed

many officials believe the recovery is on track

Fed has “a dial that can move either way.”

dial can also pause

strategy.. meant to…ensure flexibility in an uncertain economy

Some officials can envision taking a first step this summer

But they might wait longer

55% expect the Fed to start shrinking its bond purchases in the third or fourth quarter

45% expect the Fed to wait until next year

Clearer signals… could emerge next week

Mr. Bernanke will have a chance to explain …at news conferences in June and September

Some… proponents have signaled more optimism

So there you have it. That is truly ground breaking, incisive stuff. We have a strategy, a road map.

And now I understand what the great Yogi meant when he said, “When you come to a fork in the road, take it.”

In part 2 of this report, I send an email to Jon Jerry Mahoney Hilsenrath about a bald faced, uh… mistake… yeah that’s it… that Jerry repeated without checking the facts. Stay tuned.

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