How can I listen to FOMC minutes? not even CNBC or bloomberg covers it. And why is that most moves happen at 2 pm eventhough they meet for the whole day?
You must be pretty new to this game, eh? The FOMC did not have a meeting today. The FOMC released "minutes" of their closed-door meeting on Dec. 13th, today at 2PM EST. "Although future action would depend on the incoming data, this characterization of the outlook for policy was seen by most members as indicating that, given the information now in hand, the number of additional firming steps required probably would not be large," the minutes stated. http://www.federalreserve.gov/boarddocs/press/monetary/2006/20060103/default.htm
The meetings aren't open to the public, the markets move when the minutes are released because that is the first chance the public has to learn what occured during said meeting.
I never knew what FOMC mintues were, still don't. It never mattered much, or doesn't matter... I just bought when everything went up, and sold when it went down. But, I am just surprised that not even CNBC covers the "minutes".. I mean, the exact announcement or whatever they make.
The Fed makes its announcements via press releases on the days they are meeting as well as on non-meeting dates. See: http://www.federalreserve.gov/boarddocs/press/monetary/2006/ Hunt around on their web site a bit. Jack
shouldn't at least some news services cover this thing? like NTKN, TTN, CNBC etc... crazy.. only a commentary after that.
So, at the beginning of each month there is a FOMC minutes where they announce the FOMC meeting date. In this case, it is Dec 13th. And if the Fed wants to, it can increase interest rates each month?
No. Read the weblink that I provided in my post regarding the Federal Reserve Board. It includes a calendar of meetings. ( scroll down ) The FOMC holds a meeting, and the "minutes" of that meeting are announced a three weeks later, at 2PM EST. This has been standard procedure for many years. Nothing new here, and it moves the markets. http://www.federalreserve.gov/fomc/#calendars
Would be interesting to test some strategies based on the move after the FOMC meeting minutes are released. There are not many times when a trader knows that a large move will almost certainly happen. Obviously direction of the move is not known but i would imagine having a couple of OCO orders bracketing the ( usually ) narrow trading range leading into the minutes could be a profitable strategy. Anyone trade this kind of play?