Did the slightly more upbeat tone in the FOMC statement mean it's going to be good news tomorrow?
One of the things I wanted to try and gauge was whether the Fed would give us a clue about tomorrow's Q2 GDP numbers.
The tone in the statement may suggest that the numbers are going to be around expectations. They currently stand at 2.6% according to most expectaions. If the numbers are going to be bad the Fed is going to look a bit silly pumping out a reasonably bullish statement on the economy two days prior. On the flip side they may not want to be too bullish as that would get the dollar soaring, which would receive a secondary boost from a better than expected number. The Fed has kicked the can anyway as they've now got until September before they meet again so they can kick back and go back to data watching.
I'm doing a grand bit of inferring here but I just can't see the GDP being that bad, based on the message yesterday. For trading that's gives me a possible bias for the numbers.
