Perhaps not surprisingly - following Hilsenrath's 'leak' - the FOMC has decided to keep the "considerable time" language alive-and-well in its latest statement, supporting the uber-dovishness rate guidance as QE is tapered as expected:
- *FED TO END QE PROGRAM AT NEXT MEETING IF OUTLOOK HOLDS, RELEASES EXIT STRATEGY GUIDELINES
- *FIRST RATE RISE SEEN IN 2015 BY 14 FED OFFICIALS VS 12 IN JUNE (FISHER, PLOSSER DISSENT)
- *FED KEEPS `CONSIDERABLE TIME' PLEDGE FOR LOW RATES POST-QE
Record high stocks, record low corp yields, surging GDP, PMIs soaring, housing and consumer sentiment exuberant, jobless claims at lows, JOLTS at highs, and the Apple iPhone 6 - if that doesn't draw Yellen to the middle, we don't know what will... but we are sure she'll explain in the press conference. Full redline below...
Pre-FOMC: S&P Futs 1992.00, 10Y 2.56%, Gold $1235, WTI $94.20, USDJPY 107.50