Moments ago the FOMC announced the results of its conclave and the conclusion is pretty much as expected.
If I could offer a Readers Digest version of the statement, it would be that the economy is improving but it will be a long and winding road back.
They left in the statement the phrase that economic conditions are likely to warrant an exceptionally low level of the federal funds rate for an extended period of time.
The Committee addressed the various forms of quantitative ease in which they are currently engaged.
The Committee reaffirmed its pledge to purchase $1.25 trillion of MBS as well as $200 billion of agency debt.
The Committee will bring to an end its purchases of Treasury coupon securities by the end of October and will do so by gradually reducing the pace of purchases.
The Treasury market has tanked on that news.
The 10 year note is testing the 3.75 percent level and the 30 year bond is in the mid 4.50s.
The street is using this as a weapon to exact a steep underwriting concession from the taxpayers.
Family duties will keep me busy for the remainder of the afternoon, so there will be no closing post.