It's pretty much expected due to the extraordinary situation. Their biggest concern is making sure there's ample liquidity, especially as the equity markets open. The bond market had been expecting it.
More Quotes from Sadakichi Robbins:
The speculative sellers are looking for the big jobs number that will break us out the range (for yields).Sadakichi Robbins
It's got people jittery that the Fed may drop the phrase this time, ... We don't think they'll mess with it because it would upset the market too much, but they could well get more upbeat on the labor market.
Sadakichi Robbins
The view that the Fed can take a measured approach is supported by the Greenspan testimony today -- he reiterated that the measured approach is really the right medicine here.
Sadakichi Robbins
It was an extremely ugly auction. And that's something nobody wants to see, not the Street and certainly not Treasury, given the amount of borrowing they have to do.
Sadakichi Robbins
The two together kind of make an evil witches' brew for Greenspan employment growth and price pressure. And there's the thought that 'what if the Fed is behind the curve,'
Sadakichi Robbins
The only thing that isn't debatable is that we have a downward trend in yield,
Sadakichi Robbins
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