FOMC statement

Uncle Ben has opened his bagel hole again. He said a lot but seemingly nothing much he hasn't said before.

In summary:

• Near zero interest rate policy will continue until at least late 2014 (yawn)
• Operation Twist will continue (goosing the 10 yr bond yield)
• No hints of any coming QE3 (as expected)
• He noted that higher oil prices could act as a brake on the US recovery:

“The recent increase in oil and gasoline prices will push up inflation temporarily, but the Committee anticipates that subsequently inflation will run at or below the rate that it judges most consistent with its dual mandate” (and if  Israel or the US, sorry I repeat myself, attack Iran then what Ben?)

As expected with this "nothing to see here, keep moving announcement" both Gold and Silver sold off somewhat as Ben spoke for no reason other that the herd expected them to, so they did.