The Fed has:
1) Reduced the growth forecast, and increased the inflation forecast
2) Talked less on credit problems
The tougher talk on inflation has helped the dollar, and the fact that there were two dissenting votes are making the Fed look much more balanced in their concern over growth and inflation. This is being greeted as good news by the markets because traders feel a little more confident that the Fed is addressing the liquidity crises given the events over the weekend.
Also note that the market is net long going into a quadruple witching expiration. There are a lot of trapped shorts here that is adding to the rally.
Watch the VISA IPO after the close. Should price in the range of $37-$43, talk that demand is strong, may open up $3-$5.
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