The Federal Reserve met today and there wasn't really any new information or comments that were made. They again discussed how they were committed to keep interest rates as low as they currently are until the middle of 2013. The one BIG negative that the Fed talked about, which it had not previously done, was that the U.S. economy is struggling due to numerous headwinds (like I've written about) and there is a "significant" possibility that we could fall back in to a recession...that is not good. Needless to say, the markets are down by almost 2% because of this.
The Fed did mention however that they were doing everything they could to spur growth in housing and consumer spending, and they would do this by further deploying monetary stimilus initiatives when possible.
On specific stock news, financials continue to get clobbered in the wake of the Fed's announcement but they are getting soo oversold that many of the smartest/best money managers that I know and work with are starting to aggressively buy the bank stocks. In particular, I will be buying more of Etrade, Sallie mae and SunTrust as all three are too cheap not to own!
