It’s Fed day! With no other economic reports on the schedule, world markets are all waiting to hear what the Fed will say and do about the current financial situation. With a recent string of negative reports, it is virtually expected that Operation Twist will be extended, as well as some other form of QE3. But many feel that there is not much left that the Fed can do, as we are 3 years into their stimulus efforts. Stocks are holding steady and bonds are down just slightly for now. The announcement is set for 2pm ET today so volatility will be high today. We will suggest locking before then as the risk for current rates to price higher outweighs the risk of a significant move lower.