Prayers Denied As Fed Disappoints - Full Statement Redline

Tyler Durden's picture

And not only did the Fed disappoint, but it didn't even extend ZIRP through 2015. Sorry Hilsenrath, better luck next time

  • FED SAYS IT `WILL PROVIDE ADDITIONAL ACCOMMODATION AS NEEDED'
  • FED REPEATS EXCEPTIONALLY LOW RATES AT LEAST THROUGH LATE 2014
  • FED SEES INFLATION OVER MEDIUM AT OR BELOW MANDATE LEVEL
  • FED TO KEEP REINVESTING HOUSING DEBT TO MORTGAGE SECURITIES
  • FED SAYS HOUSING SECTOR REMAINS DEPRESSED
  • LACKER DISSENTS FROM FOMC DECISION

And if markets are surprised by this goose-egg according to which the September FOMC will at best be the ZIRP extension that was supposed to take place today just so Congress can sort its own mess out with the Fed, wait until Draghi confirms what we said last week: that he was merely posturing and is totally impotent without the Buba's blessing. Then you will see pain in a market which is 5% higher than where it would be absent his headfaked posturing.

Full redline:

 

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Chuck Bone's picture

"will provide" 

malikai's picture

For those watching QSN today, note we are only about 1/2 way through convergence. There's still plenty more downside to go.

https://www.quantsig.net/

strannick's picture

And only a 6 buck cough from gold.

Precious's picture

Ben was last seen surfing Craigslist for used printing presses.

strannick's picture

Why used when he could just print the money to buy new?

 

The Monkey's picture

Wow. I'm surprised. The ECB must have something really big in store.

Dr Benway's picture

HAHA! It's inflation of easing action! Instead of giving us printing to prop up the market, now we are given only vague promises of printing. And when that starts getting ineffectual?

 

Also so funny to read in MSM about good news from these meetings. What good news could there possibly be? "We are so fucked we are going to counterfeit vast amounts" would be good news?

 

Charts on massive Australian market manipulation:

http://s1144.photobucket.com/albums/o489/_DrBenway/

strannick's picture

Golds freakin me out. Its just sitting there, pegged on 16 hun. Its like its going to start vibrating out of control and the bridge will fall down.

economics9698's picture

Food inflation is going to be a mother fucker, did I just say Ben Bernanke?

AldousHuxley's picture

Obama doesn't care

 

He has a choice between being a masterful, Machiavellian politician like Bill Clinton (good for one's career) or a great transformative leader like Abraham Lincoln (good for the nation)

 

http://www.youtube.com/watch?v=EnhkkugQ7PQ&feature=fvwrel

 

Obama #1 priority is to ensure the establishment

http://www.youtube.com/watch?v=n1w6w2n9Hks

 

Obama is a puppet says black comedian

http://www.youtube.com/watch?v=IiCYOr_rmHg

AldousHuxley's picture

Obama inherited $500,000 from his grandmother who was Vice President of Bank of Hawaii

 

Obama's father alraedy had a family (wife + kids) in Kenya, when he married Obama's mother (onyl after he got her pregnant), then ditched her to study phD in economics at Harvard. Obama Sr.'s life fell into drinking and poverty, from which he never recovered.

 

Romney is son of American Motors Corp, CEO and 3 time governor of Michigan, who also ran for president in 1968. As a student never had to worry about money as he took flights to see his girlfriend on weekend, bought a home, etc. WITHOUT A JOB. On his missionary to france, he lived in one of richest neighborhood in Paris others call "palace", which eventually became the building for the embassy of the United Arab Emirates. worth as much as $12 million. His wife is typical gold digger as she never really had a job and had majored in useless French Lit in college.

 

Choose from one elite for another, these people never knew what it is to be like to be without money or parental financial support.

HungrySeagull's picture

Stop stressing.

 

Gold price falls, buy more.

Gold price rises, keep it home.

fonzannoon's picture

Monkey no offense but I think you may have overestimated the situation. But who knows....

Sudden Debt's picture

it will lose some more for a while because the market is going to tank bigtime.
maybe the algo was there to do something tomorrow to keep it from crashing,who knows.
but the worse it gets, the more gold might really pop up now because it will get really clear that the last big printjob will soon come which will knock down the dollar and the euro in a big way.

Vaiman's picture

As per bloomberg

 

 

U.S. Stocks Fall as Fed Fails to Bolster Confidence Wow.....big fall....huh.....the S&P is down a whopping $1.66.  What kind of retard medicine are these people on?
mktfizx's picture

I hope it stays where it is.  Otherwise I will look stupid in my new "Dow 13000" hat.

slewie the pi-rat's picture

look: INO.com Markets - Chart for U.S $ INDEX (NYBOT:DX)

and it looks like you may be right...

...at least for now!

slewie the pi-rat's picture

not me;  i'll only play in casinos for years now

but we can take solace that the FX tail has wagged the dog for another day, another week

re-test and repeat of last week?  buy time?  keep everything screwed down tight?

or is this the down-draft "like last year"?  that FX spike is pure "there are no markets--only interventions" so be careful

these guys have done pretty well painting the charts recently;  not that that means they won't lose control by 4PM eastern, of course...

...  ... ...  they coulda pushed this either way, imo, as i've said, with the FX;  i just guessed wrong maybe b/c it seems to be going to risk0ff rather than uncharacteristically staying on risk0n a bit longer

so this was the obvious guess after last friday's risk0n, but the dollar is blowing right thru 83 as i edit, so there is that deflationary "commodity price" brake being applied

but the 10 & 30 years are just starting to 'recover' from a significant price dip here today, so things seem a little schizoid about the whole dog & pony show, to me

i'm surprised equites seem as strong as they are right now

slewie the pi-rat's picture

if truth be told

unicorns are shooting outa my bong here,  BiCheZ!

Nadaclue's picture

I found that statement very telling from last meetings "May Provide".

Atlantis Consigliore's picture

you dont think 60,000 mini s and p sales at 2;59 front run? do you?  

 

LOL

Divine Wind's picture

I was thinking the same thing.

Someone got the heads up and offloaded at the last min.

SeverinSlade's picture

That idiot that declared that Hilsenrath is actually the Fed Chairman was just proven to be an idiot.

Hilsenrath is just the fool that dangles the QE carrot in front of the market to give the HFT algos something to levitate on.

FL_Conservative's picture

While EUR/USD is dropping, it looks like the overall markets won't move until Draghi has to fess up that there's a turd in the punchbowl that they've been getting served from.  I can wait.  Tick, tock....

kralizec's picture

"cross his heart,hope to die"

Debtonation's picture

The Fed will always give the market what it wants...eventually.

poor fella's picture

Since 'Fed Day' is so important to The Global Economy, it should be a HOLIDAY!
Hmm, what to name it? 

How about:

1. "00000110 00000110 00000110", which is hard for carbon based units to pronounce so we'll call it 'Zerones Day' (which sounds like Zambonis).

2. or "SSDD-Day"

Jlmadyson's picture

True, though at that point it will be far too late.

They have even managed to pull the wool over their eyes.

It all comes back around..,,,

Caviar Emptor's picture

Fed is boxed in because of Biflation: can't ease more due to rising prices which will just accelerate deflationary trends in employment, wages and consumption (ie, off shoring, downsizing, layoffs and wage deflation)

Cursive's picture

@Caviar Emptor

Exactly.  Ben can have Dow 13k or he can have sub-$4/gal. mogas, but he can't have both.  Decisions, decisions.

Race Car Driver's picture

What would Monty Hall say? What's behind door number 3, anyhow?

Slope of Hope's picture

Cue "Full Retard" algo

spastic_colon's picture

They bought another month of market rally cuz now September is REALLY the new QE date....trust us

Why do anything when you can use just the expectation to pump markets, they now know that any new QE will be viewed as the last, and quickly be faded, so just jawbone infinitum! They can now use the MSM to pump "September" headlines.

PicassoInActions's picture

why even have meetings when nothing is changed.

Piranhanoia's picture

the only way they get a chit for a free lunch

SoNH80's picture

Overburnt fried chicken and greasy collard greens with Crisco biscuit and hard margarine, mm--mmm--mm, D.C. gov't. cafeteria food is "dee-licious".

Cassandra Syndrome's picture

Before 1981, the FOMC met only 4 times a year. What would the Balthsalt crackheads on Wall Street do if that were the case now?

HD's picture

Propaganda only works when there is a steady stream of it...

Hype Alert's picture
“If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.”

Joseph Goebbels

economics9698's picture

He learned that from Woodrow Wilson.

rwe2late's picture

 

However accurate that alleged quote may be in describing what Hitler and Goebbels practiced,

it is historically inaccurate to claim Goebbels actually said that. There is no source to reference that quote.

What can be properly attributed is that Goebbels accused NAZI Germany’s enemies of using a ‘big lie’ tactic.

“The English follow the principle that when one lies, one should lie big, and stick to it. They keep up their lies, even at the risk of looking ridiculous.”

  

http://en.wikipedia.org/wiki/Big_Lie 

 

Since we are on the topic of big lies, another more recent one repeated often by US politicians (including Obama and Romney) is that Ahmadinejad said “Israel should be wiped off the map.”

 

Actually, Ahmadinejad said nothing of the kind.

 “Wiped off the Map” Fabricated

http://www.globalresearch.ca/index.php?context=va&aid=21188 

Itch's picture

For tea and biscuits, obviously.

fonzannoon's picture

metals down. stocks flat. mission accomplished.

Hype Alert's picture

The algo's must be about to burn a chipset out keeping this up.

cougar_w's picture

Funny.

"Captain! We need more dilithium crystals! She kinna take nay more!"