We’ll obviously have wall-to-wall coverage of tomorrow’s big FOMC meeting tomorrow.
One thing to consider is that the the mood going into this meeting is different than we might have anticipated even two weeks ago, before the market had started to rally, and all the data was coming in weak.
Arguably the Fed’s task is trickier, since it somehow needs to thread the needle of keeping with the inchoate optimism, while also acknowledging the major frailties of the economy.
Mike O’Rourke of BTIG thinks it’s possible:
We are looking ahead to the FOMC meeting. This dry equity environment is the type in which the Fed would get good bang for its buck if the statement and policy coming out of tomorrow’s meeting are well crafted. While we don’t believe any new policy is necessary coming out of the meeting, the reports that the Fed will signal additional small scale QE2 may be accurate. Essentially, a “well crafted” message is one in which the Fed communicates that the recovery is on track and they will do all that is necessary to keep it on track.
Good luck, Ben!