Do you ever get the feeling that Fed officials talk too much? Yesterday it was New York Fed President William Dudley that reversed a multitude of markets just by suggesting he is getting more hopeful on the economy.
Pete Nessler, CEO of FCStone Group, was raised in Chicago but earned his stripes in the grain fields of Iowa. Working with elevators and farmers, he helped turn Farmers Commodities Corp. from a group of co-ops into the international brokerage firm INTLFCStone that it is today.
U.S. stocks fell, with the Standard & Poor’s 500 Index poised for the longest retreat in a month, as financial shares slumped and investors watched speeches from Federal Reserve officials for clues on monetary policies.
The most likely outcome in today's meeting is that the Fed will taper bond and MBS purchases by about a quarter. The market at first will freak out and we should see sharp drops in metals and a selloff in stocks and petroleum.