As Bernanke sits patiently through testimony on the Hill, the Federal Reserve has announced the expiration, shrinking and continuation of various exceptional programs providing liquidity to the system.

For Mr Bernanke, it takes the patience of a saint to sit through political testimony, while some questions have been thoughtful and timely: is it a good idea to amend the constitution to discourage state acquisitions? And, which is better – shrinking big banks or improving regulation so they can be broken down in case of failure?

Other questions have been irrelevant aggressive and ill-conceived. Could the government not pass a law penalising members of parliament who come to testimony without preparing and understanding their questions in advance?

It is more the adjustments of liquidity programs that is moving the market though. QE will take precedent, but this is the first sign that the Fed is on the case and ready to control liquidity in the system. True, programs are being shrunk and closed to meet demand, not restrict it. But, the implication that floodgates are not being opened and forgotten is highly pertinent to the bigger recovery-liquidity question.

.