The markets initial reaction to the FOMC statement was perplexing as the financial media reported the FED to be hawkish for there was nothing explicit about a potential QE3 program. Readers of this BLOG were well aware that the consensus was for no change from the FED as it would have been difficult to announce any new program with the G-20 meeting this weekend in Cannes. The BRICs have already accused the U.S. of causing havoc in world currency markets by utilizing its monetary policy as a “stealth devaluation” of the U.S. DOLLAR. It seemed though that the FOMC statement was DOVISH because the previous three dissenters all voted with the majority–there was a lone no vote and that came from Chicago FED President Charles Evans.