In about two hours (2:15, EST) the FOMC will announce the new federal funds rate. They can raise it, leave it the same, or lower it, to state the obvious.

Whatever the FOMC does, immediately following the announcement, the standard financial web sites will be peppered with positive spin. Look at Yahoo Finance, http://finance.yahoo.com . If today is like the past for FOMC announcements, Yahoo Finance and other sites will post several articles letting us know that the decision was a good one (no matter what the decision).

Typically the stock market, say the DOW, will respond by shooting up, and by lots. It will be interesting to watch today. It the DOW shoots up, it will be business as usual, at least for a while. If the DOW doesn't respond, or drops, watch out, this may be the day that even the fat pinky-ring wearing fund managers can't find a way to pump the stock markets up.

That's 2:15 EST.

Mike