You have to wonder why [some companies] didn't hedge, because there was plenty of time along the way when they could have.

Sentiment will swing back in favor of a Federal Reserve rate hike in August if June retail sales rebound.

On the fringes of the market, there is beginning to be some talk of the possibility that the Bank of Japan intervenes to sell U.S. dollars. While possible, the probability seems low at the present.

My sense is we're basically moving sideways. All we did today is chop around.

The Federal Reserve purposely seeks not to surprise the market. And it delivered no surprise today, keeping rates steady. The statement following the meeting confirmed what the market has suspected, namely that demand is moderating bringing it closer to the economy's growth potential.

That's the way the market is viewing that. But I'm not sure that it effect money supply.