the senior economic reporter steve leesman has the details. what are you anticipating? >> people are wonder being a replay of the last minutes that shocked the market, but the market sold off. they thought there was going to be more instants of qe 3 and a divided fed and a similar look. there was a group of members of the fed who think whatever the current forecast is, it does not call for that as the fed ought to do more. there was a growing wait and see contingent. the new thing that will be added is more discussion on what the fed should do when operation twist ends in june. about the time they should have been discussing that, it am cans to a head in april. i don't think it came in the last meeting, but the news will be -- by the way, you are looking at a fax simly of a twist. it's two different classes of securities. those that the fed owns are 91 days to a year. they are declining and you can see it buying securities of years plus on the long. not all of it. the total amount of securities they own is declining and somewhere between three and six months of operatio

steve leesman has a preview. >> i whathink what we are going hear and what the market hopes is in the skbrks a that follows, some guy will raise his hand and say what about that jobs report and qe 3. we haven't heard from the fed since that jobs report. the traders are so confused in this time of what is supposed to be transparency and the reaction function, how we believe the fed processes incoming data seems more uncertain than usual. two causes of that. one is, is the fed giving us too much information or is the outlook more uncertain than usual? we are talking about two ways of thinking about friday. one, is it a replay of last spring and summer, 2010 and 2011 or is it the weak numbers we have gotten in the middle of regularly strong rebounds say in 2004 when several months and job broth were below 100,000? that's the question we are trying to process. >> i have a question for you. is the fed, it seems that this is one piece of data. how much data would they need to confirm before they would take some sort of action? >> it is one piece of data and that's how the fed is thinking ab