I'm Part of the Problem
So I've been busy jamming the refresh key for both YahooFinance and the Fed website to try to get a look at what the Fed has decided. Apparently, I'm one among millions and millions since the both websites appear to have all but shut down from the influx of traffic. Why am I so interested? It's not because I think the decision will alter the outcome of the world (or even my portfolio) all that much. I think I may just be drawn a bit to the chaos that comes with every one of these Fed announcements. Everybody waits breathlessly to see what the Fed is going to do/say, then they run around like chickens with their heads cut off buying and selling. It's probably one of the best true examples of the horse race aspect of the stock market -- and there is far more money (short term directional bets, Fed futures, etc) riding on the outcome than any real horserace.
On a related note, I was looking at the headlines on YahooFinance's front page ten minutes or so before the Fed decision and the headline that read something like "The Market Expects Fed to Lower Rates" jumped out at me. If I were Bernanke that would just burn me -- I'd probably have the reaction, "oh yeah? you think so? well then I'll raise rates 50 bps, how do you like me now?"
And that is why I probably wouldn't make a good Fed boss (and the only reason, I'm perfectly qualified otherwise :) ).
Of course, if I were Fed chief I probably also wouldn't be manically reading YahooFinance like a jerk right before the interest rate decision was supposed to be made.