FOMC Meeting – With a Twist

News-worthy stories emanated from Athens to Washington today, as well as several points in between.  The Greek drama’s latest scene involved a government agreement to accelerate budget cuts in exchange for another installment of European bailout money.  The main beneficiaries of this action are actually German and French bankers, who can now postpone the write-off of their unwise loans to Greece for a little while longer.  Greeks who will bear the cost are none too pleased.  Another wave of protests and strikes will unfold shortly. Also today, the U.S. Federal Reserve’s Open Market Committee confirmed the widely-leaked “Operation Twist” plan to extend the maturity of its Treasury portfolio.  The goal is to put downward pressure on long-term interest rates . . . → Read More: FOMC Meeting – With a Twist