While expectations were for massive LSAPs and ZIRP to the moon, headlines from the FOMC statement so far appear to be disappointing:
- FED REITERATES `SIGNIFICANT DOWNSIDE RISKS' TO ECONOMIC OUTLOOK
- FED TO KEEP REINVESTING HOUSING DEBT INTO MORTGAGE SECURITIES
- FED SAYS IT'S PREPARED TO EMPLOY TOOLS TO BOOST RECOVERY
- EVANS DISSENTS FROM FOMC DECISION, WANTS MORE ACCOMMODATION
- FED SAYS UNEMPLOYMENT RATE TO DECLINE `ONLY GRADUALLY'
Just as JPM "predicted", we now have our first dovish dissent courtesy of Charles Evans:
- Voting against the action was Charles L. Evans, who supported additional policy accommodation at this time.
And here is the market coma as every vacuum tube is hoping Bernanke is holding out the surprise for the 2:15pm press conference.
Bullet source: Bloomberg