This afternoon we get the FOMC decision. Obviously no change in policy is expected but the market will comb the statement for any change in emphasis. Given weak employment data, expect the Fed to maintain its present course.

to the extent that both loose monetary and fiscal policy undermine bonds, it’s kind of a push….higher rates support dollar on the one hand but raises concerns that higher interests costs will add to deficits, a negative….

Markets will be very thin…I’d stay sidelined unless there is an unexpected shift of strategy from The Bernank.