One Day at a Time

One Day at a Time, no not the sitcom staring Valerie Bertinelli that many of us grew up watching but the new drama that is now the FOMC where the flip side of their extraordinary accommodation, that of exit, becomes the main focus where they will be literally analyzing the process one day at a time. There is big focus today on whether the Fed will alter the wording on keeping the fed funds rate “substantially low” for an “extended period” but I think the Fed will keep that unchanged as they want to first wait to see the markets reaction to the end of QE by months end. If all signs are then clear, the Apr meeting will see a change in the wording I believe. German investor confidence fell but was 1 pt above estimates and EU officials made progress on Greek bailout plans. China stocks rose off its 4 1/2 week low and commodity prices are following. Their action is the missing link in the run to Jan highs.

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