Phil Grossfield's Blog


Rat Rejection; Fed Meeting

My Schedule…and A Little Extra:  Many of you have sent me emails asking what happened to the rats in my grill.  Well, I was rejected by the rats.  Yes, the rats decided they want no part of me and who can blame them.  After all, they were poked at, screamed at, almost grilled, and didn’t even get a good chunk of the exterminator’s finger.  Alas, they moved out, babies and all.  The exterminator came yesterday and reported that not only did he not catch any rats, none of the bait was taken and there was no sign rats anywhere.  They got out of town.  According to him, he’s never seen anything like it.  I’ll try not to take it personally….

My Market Watch:  Pricing is worse by about 0.125 from yesterday.  I’ve hinted that pricing might worsen…hopefully bonds will bounce back.  Today is the second day of the Fed meeting…a statement will be delivered at 11a and Bernanke will speak after that.  I’m reading there could be a statement regarding the improved state of the economy…if so this would throw bonds under the bus and pricing would be subject to torture.  But there is also an expected statement on the continued strategy of Quantitative Easement monetary policy, that is, continued buying of bonds by the government.  If both statements are delivered, and neither is interpreted as intentionally more robust than the other, then it should be a wash today.  Watch what happens…it should get interesting.  My Disclaimer

My Schedule:  Today I am traveling to L.A. for a brief meting and then headed back…I will be on the train so working during the commute.  Sorry Gita and Silva but I can’t get to Encino today.

My Fun Stuff:  Wall Street Monkeys  |  I watch this almost every single day  |||  All My Fun Stuff

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