SCOREBOARD: Patience, grasshopper

Extending Operation Twist doesn't mean the Fed has changed its outlook, or that QE3 is out, despite Wall Street's disappointment.

As expected, helicopter Ben opted to extend operation twist, taking advantage of a minor softening in data to make the case that the recovery was threatened and required more stimulus. "Specifically, the committee intends to purchase Treasury securities with remaining maturities of six years to 30 years at the current pace and to sell or redeem an equal amount of Treasury securities with remaining maturities of approximately three years or less”.

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