Market chatter and action today has been (predictably) dominated by the spectacle of yet another Fed announcement day.
Today's shocker: rates are left unchanged near zero, with talk (from the high priests in media and central banking) of some kind of unfolding economic recovery (one supported by "stimulus" and accompanied by high unemployment rates for the next couple of years).
Actually, I spent very little time focusing on this subject today, aside from catching up with some amusing and informative tweets on the market impact from the likes of Howard Lindzon, Tradefast, and others in my Twitter stream.
Good to know there are people keeping up with some of this stuff (Fed's impact on yield curves, equities) when you need a quick refresher and a bit of insight from those in the know. This is one of the areas in which my Twitter community and favorite blog lists really stand out.
I'm also checking in with BMB's market wrap (hot off the Wordpress) for an overview of the day's action and a look at what may lie ahead for the stock market in the coming days.
What I'd really like to do is revisit this January 2009 piece from Bronte Capital, "Zero in Japan versus zero in America", and find some more recent material on the differences between ZIRP Japan and ZIRP US in the late 2000's. This is an area I could stand to learn more about, so look for updated notes in the comments section (or please add thoughts/links of your own).
To hell with the TV news, I will be searching the blogosphere and online print and journals for more on this.
