No economic reports out today; the entire free world awaits the utterance of one word from the lips of one woman. Will she say it? Will she not? Has she been walking the streets at night just trying to get it right like Axel Rose did? My thoughts are that the prepared statement read by Fed Chair Janet Yellen this afternoon will not include the word “patience”. The Fed will wait at least another month before raising the Fed Funds Rate and even then it’s iffy through summer. However, just the insinuation that the FOMC is prepared to hike rates at any given meeting has the strength to move the markets one way or the other. Consequently we will listen at 12:15 our time to determine if we should be patient while the Federal Open Market Committee leaves their rate at zero, where it has been since October 8, 2008.
