It is high summer, a scorcher, even mad dogs looking for shade. It’s supposed to be a nothing-happening time. However, the anxious suspense in markets is as high and hot as the sun.
Everyone knows that the U.S. economy has lost momentum. Federal Reserve Chair Ben Bernanke on Tuesday twice in one page used "decelerated," followed by "… the generally disappointing tone of recently incoming data." Everyone expects that the Fed will do something, but nobody knows what or when, possibly not the chairman.