Much of the suspense about tomorrow’s FOMC announcement, set to be released at 2:15pm EST, has already been removed. At this point the unknowns are issues of form rather than timing.
Operation Twist Part Deux is on the agenda and possibly also a reduction in IOER. And you can check FedWire tomorrow morning for any other potential last-minute surprises.
But that doesn’t mean we can’t show up 15 minutes early to hypothesise, and then stick around for the statement to scrutinise, criticise, and satirise. We might also host a competition: best guess for how much from its short-end bucket the Fed will sell to buy the juicier long-end stuff.
Same place as always, and we’ll send out another reminder tomorrow afternoon. See you there!