Today is the day of the Federal Reserve statement - at 2:15pm - and it will be Ben Bernanke's first... The buzz on Silicon Investor and my own read of the markets is that investors and traders are very wary about what will be in the statement that accompanies the change in interest rates. Last year my Intro Economics class was 2-4pm on Tuesday and Friday and we followed the Fed decision live and its impact on the market. Pity I can't do that this time.... but will definitely be paying close attention at that time. Plan to show my students on Thursday what happened. The Aussie Dollar is up overnight... which is a nice change after I bought more Aussie Dollars. One of my best months ever from an Aussie Dollar perspective, but down in US Dollars... maybe a natural rebound after overselling... or a forecast that US interest rates will rise less? Or a response to the gold price? Maybe a bit of the latter but this morning the US Dollar is down across the board....
Update 5:41pm EST - the market eventually did go in the direction I expected after the Fed announcement. But I made a short bet on GOOG and it went the wrong way... oh well...
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