set for Monday at 11:30am Eastern. http://www.federalreserve.gov/boarddocs/meetings/2010/20100405/advancedexp.htm :eek:
its an emergency meeting - ben bought a cake. they are going to celebrate the full recovery of the economy.
appears legit. i searched for "meeting april 2010" here http://www.federalreserve.gov/ and get to the page Landis posted
I am looking at markets that are open, and it has no apparent effect. Either it is bogus, or people are asleep at the wheel.
Stop panicking. It's not an "emergency" meeting... It's a meeting of the Board of Guv'nors to discuss matters related to the discount rate. As such, the most it might signal is another hike in the discount rate, which people have been talking about for a while now. Two such meetings, dedicated to the same exact subject, were held in mid-March and we all know what happened.
Surprise Interest Rate hike... anyone? Bank of England did it, Reserve Bank of India, Bank of Israel ect. Got to fight inflation, and take excess liquidity out of the system somehow before people catch on.
That would be extremely unlikely, for the simple reason that the body that is meeting on Monday is not the one that sets the policy rates. The Board of Governors of the Federal Reserve System is not the FOMC. The Board is, however, responsible, among other things, for setting the discount rate. EDIT: Moreover, when did the BoE, RBI or the BoI do a surprise inter-meeting hike, which is what you're suggesting might happen Monday? The most they did was act on scheduled dates when the mkt didn't expect them to, which is an entirely different kettle of fish.