from Dan Norcini:
We finally got the big “T” word today. The announcement by the Fed of a $10 billion cut in the bond buying program was greeted by the markets with the usually volatility as the HFT crowd had a field day picking pockets but once the dust settled down a bit and some saner heads prevailed, traders were able to actually think about what the Fed statement means.
It looks to me like the Fed basically gave the market a near perfect bowl of punch. Cut back on the bond buying program and dispel some of the criticism it has been receiving from some quarters about keeping the program at full size for too long while simultaneously sounding an EXTREMELY DOVISH TONE on the interest rate front.
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