The announcement due Wednesday at the end of the Federal Reserve’s two-day meeting should be as predictable as April showers bringing May flowers.
Unless something extraordinary occurs, the policy-setting Federal Open Market Committee will approve another $10 billion reduction in monthly bond purchases and reiterate the Fed’s position that interest rates will remain at their current near-zero range for the foreseeable future.
The FOMC statement that will be released Wednesday is certain to remind market participants that the Fed will maintain its accommodative policies for as long as the economic recovery remains susceptible to setbacks.
“The April FOMC meeting will probably be a quiet one compared with the March meeting, with no press conference or Summary of Economic Projections to be released. We anticipate that the Fed will want to make relatively few changes to the statement, especially in the monetary policy paragraphs,” Goldman Sachs analysts said in a note to clients.
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The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?
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