SCOREBOARD: Fed freeze

Wall Street fell less than expected after the Fed decided not to print and lowered economic forecasts.

I’m not so much surprised that the Fed didn’t print again, although most expect this at some point, but I am at least a little surprised that the market reaction wasn’t more marked. I guess we still have the ECB meeting tonight. The Fed at this meeting lowered their assessment of economic growth it is fair to say, noting that "economic activity decelerated somewhat over the first half of the year. Growth in employment has been slow in recent months and the unemployment rate remains elevated.” Yet there was no hint that more accommodation was coming as a result. Nothing to really validate the speculation of near-term action. As I mentioned on Monday I think the best bet at this point is year-end, when the fiscal cliff theatrics ramp up.

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