Today is FOMC announcement day! The currency markets are all waiting for this announcement and one from the Bank of Japan today. Market participants will be looking for key wording on the intentions of the Fed going forward. The speculation is that the Fed will signal intentions to keep borrowing costs low due to last week’s bad jobs report. The US Dollar is already pricing this in a bit. If the announcement is along this line, stocks should continue their rally (that’s my guess what will happen).
So while the FOMC doesn’t have a lot of room to manipulate rates at the moment, the wording of what it wants to do with monetary policy going forward will be a catalyst today. I expect the market to be flat until the announcement at 2:15 Eastern. Since I expect there could be some volatility due to this announcement, I would personally lighten up or hedge my positions until the announcement is past.
Picture of the Day
I like to add photos to my posts as I think they make the posts more interesting. I usually find a picture of the day for you to enjoy. Today, I thought I’d share a photo from my friend and professional photographer Wally Raynes. We were at a horse jumping competition in Worms-Pfeddersheim, Germany this weekend. Wally has a new Canon EOS 1D Mk IV camera and took some terrific photos. I thought you’d enjoy this photo he took of another friend Karsten Shaefer during the competition. Karsten has a funny habit of raising his right leg during his jumps as you can see in this photo. I’m going to start calling him “crazy leg Karsten”:
Karsten Schaefer competing in Worms-Pfeddersheim, Germany
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What a great picture of “crazy leg Karsten”. Two-thumbs up. It cheered my day. Keep pictures like this coming. It gives great variety.
Thanks
Thanks Alan! I’ll keep em coming! Do you have any particular favorite kinds of photos?