Fed has doubled-down on Q3, unofficially announced Q4: Pento
Renowned investor and Bloomberg regular Michael Pento says the US Federal reserve has "doubled down on QE3 this morning and unofficially announced QE4."
In an interview with King World News Pento lambasts the mainstream media for its inability to accurately read the intentions of key figures from the Federal Reserve, and ignoring in particular the signal remarks of Charles Evans, Chicago Fed President.
According to Pento Charles Evans is the "chief architect" of QE3 and his statements that the Fed should continue buying at least $45 billion in long-term Treasuries following the conclusion of Operation Twist in January presages an "unsterilized, open-ended, double-down version of QE3."
Pento also claims that Evans has "clearly laid out what he wants QE4 to be already, and this is what I think is going to happen in January."
The ramifications of the Federal Reserve's actions will be a sustained surge in the prices of precious metals as well as commodities.