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Janet backs away

The jawbone begins, here's the bit that says "errr...yeah...we were thinking of doing that, but we're kinda thinking of doing this"

"The Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run"

Nuff said. Gary's got the full FOMC statement here. On the news, gold popped U$14/oz and that's a decent chunkette, but I'd warn all you jocks and players that what Janet says at 2:30 (22 minutes from time of writing this) will be just as important, and may change the game too.

UPDATE: Janet hath spoken and gold's now popping, 2.2% up at U$1,260/oz.  Which is getting close to a...errr...weekly high. Hell, I'll take it, BTO's zooming after all. And now that the trivial matters of this Wednesday are out the way it's time for the serious stuff, as Barcelona vs Arsenal kicks off in 37 minutes' time, Champion's League 2nd leg and The Messi Show beckons. Catch you all later.

UPDATE half time: they're the best team I've ever seen.