Watch FOMC Press Conference with Ben Bernanke Live Here 6/22/11

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The FOMC Announcement will be at 12:30 pm EST today and will be followed by the 2nd ever FOMC press briefing with Ben Bernanke at 2:15 pm EST where he will discuss the FOMC's latest quarterly economic projections. The purpose of the briefings is to provide additional context for the FOMC's policy decisions and to allow for Q&A with the press. According to the Fed, the "introduction of regular press briefings is intended to further enhance the clarity and timeliness of the Federal Reserve's monetary policy communication."

I don't expect any significant information to be revealed. The fact that the economy is in a "soft spot" (or some other euphemism) will be acknowledged, but ultimately, as was said in the last Fed meeting, easy monetary policy will continue until there is evidence that inflation has truly become a problem. The market is already down significantly since early May. There may be some brief volatility this afternoon, but I expect the rally that began yesterday to continue in the days that follow.

Check back here at 2:15 pm EST to watch the Press Conference live.