The FOMC will make one of its more important announcements on Wednesday, saying whether or not it will taper QE, and if so by how much. One way or the other, we need to pay heed to the fact that the first reaction on Wednesday is often reversed on Thursday, and that that’s normally the signal that will have follow through. There’s an 8 week cycle projection of 1716, which is nothing to get excited about, and there’s obviously already been some use of all the cash that the Fed and Treasury are pumping into the market this week (See Treasury update).
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