Yes meeting is legit as announced last week. With over 14 countries in BK throughout the world they can feel their "game" is about to unravel. :eek:
This was posted on ZeroHedge yesterday, I don't know why everyone there thought it was an April's fool joke since it was posted on the official Fed site http://www.zerohedge.com/article/fed-raise-discount-rate-again
if somebody put a gun to my head and forced me to speculate i would say the timing of this meeting was meant to coincide with the early market reaction to the job report. assuming Fed was not given the numbers ahead of time, Fed was worried about something and was ready with a meeting in progress to quickly react if needed. as it turned out the report is very benign so the meeting won't serve any critical purpose. the speculative take-home lesson is that the Fed is worried. could they be worried about the stock market overheating?
Response to edit...Here are the links I can find on what I remember happening before. http://economictimes.indiatimes.com...as-surprise-rate-hike/articleshow/5704322.cms Stocks extended losses "after the central bank of India made an intra-meeting move to raise interest rates, and traders viewed the action as a reminder that strong economic growth can bring the potential for rate hikes, which tend to give stock markets indigestion," Charles Schwab & Co. analysts said in a client note. Traders "used the action as an excuse to book profits after a nice run," they said. The Reserve Bank of India said as part of its exit strategy from extraordinary support measures taken in the face of the global economic crisis, it was raising two repo rates by a quarter of a percentage points to curb rising inflationary pressures, "with immediate effect." http://www.reuters.com/article/idUSL1186858720070111 Government bonds fell on Thursday after the Bank of England unexpectedly raised interest rates to a 5-1/2 year high, spooking investors concerned about the outlook for global borrowing costs.
Yes, that's exactly my point, chaos... Various central banks have in the past made unexpected decisions at their scheduled meetings. Including, most recently the RBI and the BoI and, not so recently, the BoE. However, if the Fed were to actually hike the headline rate on Monday, that would be an entirely different story, as it would constitute an inter-meeting hike on an unscheduled date. The FOMC has obviously done this before, but a) meetings to make these decisions are not pre-announced, obviously; b) as I mentioned, it's done by the FOMC, rather than the Board of Governors.
It's not a spoofed website. There is a meeting of the Board of Governors that will be held on Monday.
It's going to be a discount rate hike, which is essentially irrelevant. http://www.zerohedge.com/article/fed-raise-discount-rate-again
It's not irrelevant. It is FED tango. That is to say it is a measured move to signal their intent to cool the market without event disruption by raising the interest rate least important to the markets. MBS support was cooled not pulled. Now incremental interest rate elevation.