Markets Starting To Roll Over

The equity markets have lost their gains, and are starting to roll over as traders digest the fact that we will not see a "QE3" anytime soon, as many had been hoping.

Federal Reserve Chairman Ben Bernanke is holding a press conference to discuss the FOMC meeting, and the economic situation with the press.

Bernanke said that U.S. bank exposure to troubled European nations is insignificant, and this includes derivatives, such as credit default swaps. He said that the global economy faces risks from the Greece situation.

On the U.S. economy, he said that some reasons behind the slowdown may be longer-lasting than initially expected, and there is no "precise read" on why slower growth is persisting.

He does expect inflation to remain at or below 2% over time, and as such, it warrants exceptionally low interest rates over time.

Lastly, Bernanke expects the unemployment rate to come down in the coming months.