FOMC Policy Announcement Tomorrow

I've got to say, I've been doing this for a long time and I don't often get nervous about much anymore, but I have to admit, there's some energy flowing through me regarding the FOMC announcement tomorrow. Almost as if we're about to witness something historic, in a way we will. Bernanke will be the first Fed chairman to give a Q&A to the press after a FOMC policy announcement. That in and of itself is strange, it comes with huge risks which Greenspan learned in 1987, then he developed his "Greenspeak" so no one would ever have a clue what he was saying again.

Bernanke is taking to the mic and taking this risk for a reason, he wants to beat someone else to the punch and I'd guess that would be the hawks, although I can't say for sure.

Bil Gross who at times has been apparently very close to the inner circle is very vocal and critical lately. Is it for real or theater? It doesn't seem like Bernanke has a lot of choices, but if he feels the need to be the first to the mic and get his message out, then it would seem something big and potentially controversial is coming. Remember, this was scheduled before the Fed started meeting today, and certainly before the vote.

I can't remember an FOMC meeting tht was stranger then this. The Chinese criticism and threats, the Primary Dealers taking a step back today in the 2 year auction, PIMCO's positioning, Bill Gross' comments, all the Fed speakers who have been talking everywhere the last month, it's all very strange.

My mind can spin this 200 ways in 5 minutes, but the bottom line is, we won't know until 2:15. I'll try to get you a live link up.