from TF Metals Report:
Not much happening today, which isn’t surprising given that all of the action is slated for Wednesday.
So, Monday’s over and Tuesday awaits. But the real action will come on Wednesday with the conclusion of the latest FOMC meeting. We’ll get the usual “Fedlines” summary that will be issued shortly thereafter as well as the “press conference” hosted by The Bernank himself.
Everything will focus upon the Fed’s plan to “taper” QE. Will they taper? Maybe they won’t taper? If they do taper, how much will they taper? Blah, blah, blah, blah, blah.
If you wan’t to to read about this nonsense again, please click this link from last Tuesday. It pretty well sums up where I stand. http://www.tfmetalsreport.com/blog/4774/taper-talk
To the extent that The Fed temporarily has wiggle room to taper, much of that line of thinking was tied to the misplaced assumption that someway, somehow the U.S. federal deficit for fiscal 2013 was going to come in much lower than originally thought.
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