So far a relatively quiet morning with a good chance of some fireworks later in the day coming from the FED meeting. The FED has announced that is would adjust the POMO program if necessary. Would they really admit that POMO is failing to do what it was intended to do, lower rates?
I get a bad feeling that the POMO program will be doubled to slow rising rates. Sooner or later this Ponzi will fail, and when it does there will be large and extreme moves in all the markets.