Joseph A. Gomez, Sr. Investment Advisor

WASHINGTON — The Federal Reserve said on Wednesday that it was likely to raise interest rates at the end of 2014, but not until then, adding another 18 months to the expected duration of its most basic and longest-running response to the financial crisis.

As I pointed out in last week’s post, Ben Bernanke will do whatever is necessary to support Obama in this election year. I find the timing of the announcement, the day following the State of the Union address, interesting. Markets responded in kind as the phrase “Risk On” reverberated on Wall Street. Precious metals surged as investors caught a whiff of inflation in the air. Here’s a breakdown of todays action: