Just as everyone expected, the Fed (absent its Press Conference) statement confirms they are data-driven, data is not good 'enough', therefore, no-taper:
- *FED SAYS IT WILL AWAIT `MORE EVIDENCE' BEFORE QE TAPER
- *FED SAYS ECONOMY `CONTINUED TO EXPAND AT A MODERATE PACE'
- *FED SEES IMPROVEMENT IN ECONOMY EVEN WITH `FISCAL RETRENCHMENT
There were no clear comments that markets are growing a little too comfortable with the Fed's free-money. Full Redline below...
Pre-FOMC: S&P Futs 1761, VIX 13.98%, 10Y 2.48%, Gold $1353, USD 79.46
Just before the statement hit, the market broke again! Gold started to rise, USD fell (led by EUR strength), VIX was smashed lower...
- *NASDAQ HAS DECLARED SELF HELP AGAINST NASDAQ-BX
By way of interest, in the next 5 days, we will see an overload of Fed Speakers: Tracy, Bullard, Kocherlakota, Lacker, Powell, and Lacker again... It seems they have no need for a press conference.
Full Redline below: