By Hugo Dixon
Hugo Dixon is Editor-at-Large, Reuters News. The opinions expressed are his own.
The Federal Reserve certainly confused investors on Wednesday. What with the "patience" brouhaha and the dot matrix of where the Fed expects rates to go, which takes into account the labor market, it will be a welcome relief to see a few Fed speakers come out and hopefully clarify what the central bank is thinking right now.
A Greek deal has been pulled from the fire at the last moment. The country’s bailout programme will be extended for four months averting a potential cash crunch in March that could have forced the country out of the currency area.
If Greece had its own currency, the country’s crisis would attract little attention. On the contrary, the economic news from Athens would be all too familiar to followers of countries which have trouble increasing their citizens’ average annual income to much above $25,000. Such middle-income countries have a habit of running into fiscal or financial trouble.