The FOMC meeting will end early at 12:30 today and the language will affect the precious metals and pm stocks today. The statement will be followed by a press conference by the Bernank at 2:15 in which he will release the FOMC forecast. I don't think we will hear the word QE3 today but look for some hints in the wording such as holding interest rates on treasuries low for an extended period of time. This was Bill Gross of PIMCO's thought on how they might continue to buy treasuries.

Zero Hedge this morning:

14:15: Fed Chairman Bernanke press conference. Chairman Bernanke’s second post-meeting press conference could prove more challenging than the first, given unfriendly data and the end of QE2. We do not expect major shifts in the policy message, but several tweaks seem likely in light of recent news. First, both the statement and the FOMC’s forecasts are likely to be more downbeat on growth. We expect the committee to revise down its 2011 GDP growth forecast to about 2.7% from 3.2% previously. Chairman Bernanke will likely mention temporary factors weighing on growth but also acknowledge a broader loss of momentum. Second, the committee may adjust forecasts and language on inflation slightly due to higher core readings. In particular, the statement that “measures of underlying inflation are still subdued” now looks somewhat dated. However, as in his June 7 speech, we expect the chairman to emphasize that the committee sees most of the recent pickup in inflation as transitory. We see no reason for the FOMC to change its tone on policy. We think the Fed is in a wide “zone of inaction”, with neither easing nor tightening likely for the time being.