There must have been a good deal of back and forth on the FOMC on winding down extraordinary interventions like the Treasury buying and mortgage-backed securities programs. The Fed stretched out the Treasury program for one-more month at that meeting; we’ll find out why in the minutes.
Clogging the wires now are headlines from a report on the SEC’s failure to uncover the Madoff ponzi-sheme. Bottom-line: they missed the smoking guns littering the crime scene. Who knew?