With the Fed decision out, you already know the most salient information about what the FOMC did today. What follows are the top 10 things about the FOMC you probably don’t know about:
Top 10 Things You May Not Have Known About the FOMC
10. The Fed exists to insure maximum employment, price stability and moderate long term rates. Their purpose is not to backstop speculators
9. 4.25% Funds rate very accommodative and historically low.
8. Between votes, Fed Governors make fun of BLS economists.
7. Overheard at FOMC meetings: “What would Greenspan do? Let’s do the opposite!”
6. Jealous that Jean Claude Trichet gets to hang out with Gisele Bundchen
5. Doesn’t give a rat’s ass what Cramer thinks.
4. "Then it’s resolved, we print more money and we make more speeches . . ."
3. There is no Santa Clause — just some guy with a beard named Ben.
2. Has been long Gold and short the Dollar since 2003.
and the #1 thing you may not have known about the FOMC:
1. “Hey, Wall Street: We’re not your Bitch anymore.”
Feel free to come up with your own additions in comments . . .
Category: Federal Reserve
Shorter Fed Statement:
Cut 1/4 point federal funds rate
Cut 1/4 point discount rate
Growth slowing, inflation risks remain
Mr. Market no-likey the no-happy talk . . . Dow off
175 275 as I type this
Complete Fed statement after the jump . . .