The Fed announcement is in and the"Twist" is on - the central bank will swap $400B of Treasurys into longer maturities in a range of six to 30 years, by selling in a range of three years or less, to be completed by end of June 2012. Three voters dissent.
As the news was released, the market initially rose thinking the Fed was doing nothing, but as more details of the plan were read, the market sold off. As I said, I think the market wanted nothing.
As I write this:
Dow -48
Nas +6
S&P -8
Hopefully we hold up here....but I'm not too optimistic.
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