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-- next -- joining us with his take is even worse you know he's with Mizuho securities he's chief economist there's -- it's great to have you on the show.
Some look at looking at some market reaction here you've got the -- tenure yields drifting back up to 2% the dollar's firming a little bit.
Is the message here are the markets interpreting the Fed decision and statement here's the Fed being less inclined to extend QE.
No I think the market is actually in the process of going between the FOMC statement to the summary of economic projections which are gonna show.
A little bit of an upward move in the committee's view on growth and a little bit of a downward movement.
On the committee's view with regard to where the unemployment rate is heading.
And they're getting themselves set for that and then they're gonna refocus and after that's released at 2 o'clock on the our press conference itself and I think the press conference is gonna set the right balance for how people take the market's going forward on the backdrop of the FOMC statement that the just.
Clarify overall is the Fed.
With the 2 o'clock I'm statements on the but we're looking more I don't think.
There's gonna be a little bit in terms of a downturn that we gonna see added these numbers.
Is a little bit better view out of the summary of economic projections of but I think Ben Bernanke's gonna come back in in the press conference.
And really shift the emphasis back to where it should be.
And that is on all the uncertainty that the economy faces you yourself -- in talking about the whole situation with the fiscal -- out there.
The continuing deterioration in the situation in Europe.
The double dip in GDP that's taken place in the UK with the announcement this morning concerns about China.
There's a whole lot of factors out there with regard to global economic conditions -- discretionary.
Deflationary pressures that that brings on the economy that are gonna dominate where he's gonna go from here.
It's not gonna tip his hand -- -- -- signal I think that quantitative easing is still on the hey hey Steve if -- at a press conference this afternoon and what would be your first question.
Well the first question I ask him is whether or not he believes if the Fed allows Operation Twist to expire.
Without adding another operation on the backdrop -- that whether that we take that is the first possibility of a tightening process going through.
I think that's an important decision for them.
Sometimes doing nothing is perceived to be actually doing something that they may have to really get the markets to be ready to see whether or not how they should interpret.
That I think the markets would misinterpret it.
And probably take not executing additional Operation Twist type policies.
As -- shift towards less accommodation and that would be a mistake at this juncture I will be listening -- -- thanks.