Advance Notice of a Meeting under Expedited Procedures It is anticipated that a closed meeting of the Board of Governors of the Federal Reserve System at 11:30 a.m. on Monday, April 5, 2010, will be held under expedited procedures, as set forth in section 26lb.7 of the Board's Rules Regarding Public Observation of Meetings, at the Board's offices at 20th Street and C Streets, N.W., Washington, D.C. The following items of official Board business are tentatively scheduled to be considered at that meeting. Meeting date: April 5, 2010 Matters to be Considered: 1. Review and determination by the Board of Governors of the advance and discount rates to be charged by Federal Reserve Banks. A final announcement of matters considered under expedited procedures will be available in the Board's Freedom of Information and Public Affairs Offices and on the Board's Web site following the closed meeting. For more information please contact: Michelle Smith, Director, or Dave Skidmore, Assistant to the Board, Office of Board Members at 202-452-2955. Supplementary Information: You may call 202-452-3206 beginning at approximately 5 p.m. two business days before this meeting for a recorded announcement of any bank and bank holding company applications scheduled for the meeting; or you may contact the Board's Web site at http://www.federalreserve.gov for an electronic announcement about applications and other expedited items, as well as procedural and other information about the meeting. Dated: April 1, 2010 http://www.federalreserve.gov/boarddocs/meetings/2010/20100405/advancedexp.htm
fwiw from a blog, I thought was as good as anything else if you have to speculate. "This is pretty much the exact wording the Fed used the last time they raised the discount rate. Which is what this meeting is likely all about, an unimportant discount rake hike. Bernanke may be just training the markets to expect rate moves at times other than during regularly scheduled FOMC meetings. On the other hand, it could be an event that it is going to be co-ordinated with banks globally, with some international moves. I am still leaning to it being an unimportant discount rate hike, but my antenna is up. And, of course, a hike in the Interest Rate on Excess Reserves would be extremely significant."
Ben may have been given the job numbers ahead of time. He did not like what he saw. So the plan is to have the meeting ongoing so that they could react on the spot to the possible market dump.
If he was going to raise the interest rates 25-50BPS on Monday morning it would be met with much negativity, however within a day or 2 the crowd would CERTAINLY lean to a very positive direction knowing the economy is finally turning a corner where the fed now has to come in and raise rates. So no matter what the outcome at these fed meetings moving forward it will only be positive, rates staying at historical lows = unlimited liquidity and just continued upside, higher rates just signifies the end of the recession.
Yea that's what I am thinking but on the other hand the guaranteed huge 6 figure employment numbers coming out tomorrow are due to nothing but census hiring. I hope everyone understands these numbers and where they stand tomorrow morning. There should not be any confusion, just take the overall job numbers and SUBTRACT ALL CENSUS jobs from the report and that would be your March payroll number. Anyone cheering 250,000 new jobs and noticing 175,000 were hired for the consensus puts 75k new jobs for March which is still a significant number for the economy. Aside from that the economy is going to eventually add jobs, when job numbers fall as quick as they did a small rise in job numbers is nearly a given. For example, look at car sales YOY, they never looked so much better when comparing them to 2009 levels!!!!!
Makes sense, I forgotten about that, thinking today was Friday. So we have numbers tomorrow, plan B is the Fed meet on Monday (probably no one will make a move till then) then there is plan C, maybe Geithner will have something to add.
i believe they count them. but there is an estimate based on the Census director speech who said ~100K (don't remember exactly how many he said) were hired around the period that Apr-02 job report includes. so, as S2007 says you need to subtract those if you don't care much for the census workers.
What? Exactly what action do you think they could/would initiate? Lower rates to 0? That's a market confidence builder. Things really worse than market thought. Market hits the eject button. Raise rates? Market says parties over, and hits the eject button.