the price of gold: can't fly, page-46

Couple of quotes from the FOMC statement this morning.

Groundhog Day..

Can't believe the markets rise and fall on what these muppets have to say.

All the taper talk is meaningless anyway, its when the Fed is forced to start unwinding its 4 trillion balance sheet. That's when it will really hit the fan.

Oh, and just to rub it in..inflation isn't high enough atm.

..."the Committee decided to await more evidence that progress will be sustained before adjusting the pace of its purchases. Accordingly, the Committee decided to continue purchasing additional agency mortgage-backed securities at a pace of $US40 billion per month and longer-term Treasury securities at a pace of $US45 billion per month."


"In judging when to moderate the pace of asset purchases, the Committee will, at its coming meetings, assess whether incoming information continues to support the Committee’s expectation of ongoing improvement in labour market conditions and inflation moving back toward its longer-run objective."