Amidst all the chaos, the FOMC meets today, with a decision due around 2:15.
Will it let the situation in Japan effect its decision/policy statement?
We will note of course that the FOMC meets today and whether or not the Fed is to take international economiccircumstances into consideration is a moot point: today the voting and non-voting members of the FOMC are a part of the globalcollective concerned about the melting-down of Japan’s economy; of the melting down of the global capital markets and of fear/panic/and loathing that predominates everywhere. Like it or not, the Fed shall hold its policies steady and shall err upon the side of easier rather than tighter policies and it shall make that known. This is one time when the monetary authorities can make it clear that they do indeed watch the news and that they respond to that news. To do otherwise would illogical, and worse, inhuman.
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