FedDoesNotTaper, KeepsQEAt $85 Billion
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Just as everyone expected, the Fed (absent its Press Conference) statement confirms they are data-driven, data is not good ‘enough’, therefore, no-taper:

*FEDSAYSITWILLAWAIT `MORE EVIDENCE’ BEFOREQETAPER*FEDSAYSECONOMY `CONTINUEDTOEXPANDAT A MODERATE PACE’*FEDSEESIMPROVEMENTINECONOMYEVENWITH `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 DECLAREDSELFHELPAGAINSTNASDAQ-BX

By way of interest, in the next 5 days, wewillseeanoverloadofFedSpeakers: Tracy, Bullard, Kocherlakota, Lacker, Powell, andLackeragain… It seems they have no need for a press conference.

Full Redline below:

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