This report would seem to show that FED action, or more accurately the anticipation there of, significantly distorts the U.S. and world stock markets. Now this is not a surprise to those here on this board, but I find it boderline shocking that this would be reported by a Federal Reserve Bank itself. I'm sure this will just end up changing the way they make these announcements, if it has any impact at all.
Still, I find this to be something that could be used rather effectively in debates.
New York Federal Reserve
Bernanke and Greespan once joked that they could hint at, but but have no intention of, selling gold and the markets would turn. True story. They laughed and laughed...