- As stocks put in maybe their best session of the year, precious metals have one of their worst, with gold off 1.4% to $1,244 and silver down 2% to $19.16.
- Following yesterday's addition to the taper, BAML recognizes a pattern and says there's “a relatively high hurdle to deviating from this path." At the current rate, then, QE will be over by year's end. "All told, we read [the FOMC statement] as a marginally improved outlook."
- Most surprisingly, the FOMC made no big changes to its forward guidance - i.e., the 6.5% threshold for hiking rates. Expect a shift to "more qualitative" guidance, perhaps as soon as the March meeting.
- PM ETFs: GLD, SLV, IAU, AGQ, PHYS, SIVR, USLV, ZSL, SGOL, UGL, DGP, GLL, DZZ, UGLD, DGL, DSLV, DBS, DGZ, AGOL, DGLD, GLDI, SLVO, TBAR, USV, UBG