Phil Grossfield's Blog

My Schedule…and a Little Extra:  Today is a BIG day…and I’m not referring to the convincing victory of the Miami Heat over the Oklahoma Thunder although for anyone routing for the Thunder all I can say is I told you so and that the Miami Heat kick serious booty.  But no, that’s not what I’m talking about.  Read My Market Watch section below….

My Mystery Quote:  When I walk beside her, I am the better man — When I look to leave her, I always stagger back again — Once I built an ivory tower, So I could worship from above — When I climb down to be set free, She took me in again — Answer

My Market Watch:  Today is a BIG day!  There are no economic reports coming out today so what am I talking about?  I’m talking about the Federal Reserve’s Board Meeting which was yesterday and finishes today.  Yes, this is a big deal because most feel what goes on today will shape policy for the rest of the 2012 year.  Unfortunately, nobody knows what they’re really talking about so when the meeting is over the traders and reporters will be trying to assess what happened by the expressions on the member’s faces, or from their body language.  There is a press conference afterwards by Ben Bernanke but make no mistake about it…what he says, what he doesn’t say, even what he is wearing will be scrutinized and interpreted into some financial tell on what is to come.  Everyone is most interested in Quantitative Easing which is monetary policy central banks use to try and stimulate the economy. In general, it means they buy assets from banks so the banks have more (quantitative) reserves to lend.  So, does the Fed intend to initiate more easing?  If not, rates should get worse.  It’s both an exciting and somewhat scary day.  Disclaimer

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