First things first. The FED released its FOMC statement at 11:30 a.m. CST and, as expected, there was no change in the FED‘s policy and the “extended period” language remained as did the use of “transitory” to describe the recent run up in fuel and food costs. The markets initially showed little reaction as the “big event” was to be 90 minutes later. In fact, the U.S. DOLLAR actually remained a little bid and the precious METALS were on the offer as it appeared the market was HOPING for some strong words from the chairman of the FED. The most hyped event since Geraldo’s look into Capone’s vault, Bernanke’s press conference did nothing to assuage the fears that the FED was losing its credibility. The more Bernanke talked, the more GOLD and SILVER rallied and the harder the DOLLAR dropped.