Will it be Helicopter Ben, the guy who’s never passed a printing press without hitting the “on” switch or the reticent Ben Bernanke who addressed the Joint Economic Committee of Congress several weeks ago? That Bernanke indicated he was in no hurry to ease as he was unsure that the spring slowdown in the US was just payback for a warmer-than-average winter.

Given his last public utterance was one of restraint, if you put a gun to my head, I’d say he wants to wait and see.

The risks are all one way today. They are all to the downside regarding risk. The market has priced in an extension of Operation Twist and a signal that the monetary spigots could opened further at a moments notice. Anything short of that will be seen as a disappointment from the monetary stimulus junkies.