In efforts to snatch a clue on what lies ahead financialwise, many investors, market observers, economists --- and business writers --- will be keeping ears zeroed in on what Federal Reserve Chairman Ben Bernanke has to say during a news conference at the conclusion of today’s last 2012 Federal Open Market Committee meeting, reminds GrumpyEditor.com.
Words will be scrutinized in attempts to sniff out any indication of coming interest rates, near zero for several years.
A stock market reaction likely will follow, sometime after 2:15 p.m., Eastern.
Any change in the federal funds rate is destined to trigger a chain of events that affect short-term interest rates, long-term interest rates, foreign exchange rates, the amount of money and credit, and, ultimately, a range of economic variables.
Along with the stock market direction, that includes employment, manufacturing output plus prices of goods and services.
Also closely watched today will be any development on the “fiscal cliff” out of Washington.
It all points to what could be a turbulent next two days.
Due out tomorrow are retail sales and producer prices for November along with the latest week’s initial jobless claims figures.
On Friday, industrial production for November and the consumer price index are released.