[was] a knee-jerk reaction to adverse data because of the oft-misplaced “faith” the market places on the Federal Reserve Board, to hold its hand when the going gets rough. This strategy may work for a while, but unless QE2 manages to alter people’s behaviour in terms of inducing a renewed credit and spending spree, then a more sombre reality will set in. This is not the time to be chasing “hope” because there is simply too much risk in the market right now.
---ibid
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