Expect More Volatility than Usual Wednesday Afternoon as the First Federal Reserve News Conference Occurs

For those who did not know, this Wednesday after the FOMC meeting, the U.S. will see its first news conference by the Fed chief post FOMC meeting.  While this how it works in the European Central Bank, it's brand new for the Federal Reserve.  It won't be every meeting but four times a year.  Instead of the 2:15 PM release of the FOMC announcement, that will be moved up to 12:30 PM, then at 2:15 PM will be the remarks by Bernanke followed by a Q&A.  Obviously the questions asked will be of most interest, although being a political creature I am sure Bernanke will be able to answer most of them via deflection.  That said, with the market hanging on every comma in a typical Fed statement, that 45 minutes should be quite volatile in markets - especially since this is the first time we are experiencing this sort of event.