Sell the News, Almost

Well, the Fed's announcement today was anticlimatic. Nothing new or exciting here. The long bond caught a 1% bid that quickly faded. Bernanke said the Fed will roll over their existing holding to "Bolster Recover". How is rolling over existing positions going to do anything? Maybe it will change the mix from GSE bonds towards Treasuries. The real news to me is that Bernanke thinks the recovery is fading, but isn't doing anything about it. Maybe he has an Orwellian fear that if he announced stronger measures, he'd spook the market. He's probably right.

Anyway, since the bounce in bonds was minuscule, there's nothing for me to do. Boring day.