Wall Street shot higher Wednesday after Federal Reserve Chairman Ben Bernanke soothed investors with his view that economic growth seems to be moderating and inflation remains contained. The Dow Jones industrial average gained more than 210 points,

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Chairman Ben Bernanke signaled on Wednesday that a two-year campaign of raising interest rates may finally be coming to an end, triggering a huge rally on Wall Street.

Bernanke told Congress he believed the economy was slowing to a more sustainable pace and the slowdown would help to lower inflation pressures. The Fed has gradually pushed interest rates to a five-year high in an effort to keep inflation under control.

"The anticipated moderation in economic growth now seems to be under way," Bernanke said in delivering the Fed's twice-a-year economic report to Congress.

That was just what investors wanted to hear. The Dow Jones industrial average surged by 212.19 points to close at 11,011.42.

The rally came despite the fact that the Consumer Price Index for June showed that core inflation, excluding energy and food, rose by a worrisome 0.3 percent. Over the past three months it is up at an annual rate of 3.6 percent, far above the Fed's comfort zone of 1 percent to 2 percent.

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Looking at the above and then looking at the below we can clearly see that the Sheeple excuse me I mean We the People are being set up to take the FALL in August. This should stand as testament to the ongoing Fraud of our fraud of Goverment whom hides numbers manipulates and candycaots outlloks to squeeze every last free dollar out of those whom are blind
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However when we look at the Consumer Index for June we see both Consumer prices indexes rose. Normally this would suggest that the FED is going to raise rates Read below
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Consumer prices in the U.S. increased for a sixth straight month in June and costs excluding fuel and food rose more than forecast, suggesting Federal Reserve policy makers will keep raising interest rates.

Prices paid by Americans rose 0.2 percent after May's 0.4 percent increase, the Labor Department said in Washington. Excluding food and energy, so-called core prices rose 0.3 percent for a fourth straight month and exceeded the 0.2 percent median estimate in a Bloomberg News survey of economists.

Core prices increased 2.6 percent from June 2005, the biggest year-over-year rise since 2002, leaving inflation farther above the Fed's comfort zone.

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Another report came out today dropping oil prices on the World market showing United States reserves were up again to all time highs . Need I tell you the last time they pulled this one trick pony it ended up costing us a extra 50 cents a gallon at the pumps only one month after the anouncement.
We can read from below that OPEC has actually produced less and Venz shifting more output to China and US drivers not slowing down usage shows us again we have yet another BS FED Goverment Report to keep the Sheeple people inline


OPEC oil production in May fell 105,000 b/d to 29.345mn b/d from a revised April figure of 29.45mn b/d after Saudi Arabia’s April production was adjusted down to 9.1mn b/d for that month. Total OPEC output fell on a decline in Iraqi production as well as lower Saudi and Iranian oil exports in the month (MEES, 19 June). Production by the OPEC-10 (OPEC without Iraq) was up 75,000 b/d at 27.445mn b/d from a revised 27.37mn b/d in April, well below the 28mn b/d ceiling that has been in place since 1 July 2005. The May estimates have seen Saudi Arabia fall below its quota for the first time since late 1998 as it responds to lower refiner demand for its heavy crude, while Iran has unusually posted two straight months of relatively low exports. Iranian production comprised 2.145mn b/d of exports with deliveries to refineries at 1.5mn b/d.


The Goverment Proaganda Machine is running full blast and it looks like people are falling for it lock stock and barrel