Wednesday, March 19, 2014
Markets generally sticking to narrow ranges so far, ahead of the FOMC statement and Yellen press conference this afternoon. Expect muted reaction when the time comes, says Eric Green, global head of rates, FX & commodity research at TD Securities. "Tapering is fully priced in and the market has already psychologically moved well beyond the 6.5% threshold as any material guide for policy," he writes. "Neither the timing nor the pace of rate hikes will be materially affected by the outcome today.