THE US FEDERAL RESERVE'S TWO DAY POLICY MEETING IS UNDER WAY...WHERE it's expected to make slight changes to its stimulus program. 

THE CENTRAL BANK CHAIRMAN... BEN BERNANKE ARRIVED EARLY FOR THE MEETING

A SLIGHT ADJUSTMENT IN THE LEVEL OF QUANTITATIVE EASING... IS WIDELY EXPECTED..

MARKETS ARE ANTICIPATING IT WILL SCALE BACK THE 85 BILLION DOLLAR PER MONTH BOND BUYING PROGRAM BY 10 BILLION U-S DOLLARS.

THE OUTCOME WILL BE KNOWN TOMORROW.

MOST INVESTORS ARE STAYING ON THE SIDELINES AHEAD OF THE OUTCOME OF THE U-S FED'S MEETING

THE ALL ORDS IS OFF A THIRD OF  A PER CENT

THE ASX 200 INDEX

THE GOLD PRICE HAS SLUMPED

THAT'S WEIGHING ON NEWCREST  - IT'S OFF OVER THREE

AMONG THE BEST PERFORMERS TPG ITS UP SIX PER CENT

THE BANK'S ARE MIXED

TELSTRA'S OFF ONE PER CENT

ACROSS THE REGION ITS A MIXED DAY

JAPAN'S NIKK-AYIS JUST OVER ONE PER CENT HIGHER

STOCKS IN HONG KONG ARE

THE AUSTRALIAN DOLLAR HAS PICKED UP AGAINST THE US DOLLAR OVERNIGHT, IT'S BUYING 93 AND A HALF US CENTS.

THE RBA ASSISTANT GOVERNOR MALCOLM EDEY.... HAS MADE IT CLEAR THAT RISING HOUSE PRICES ARE IN THE CENTRAL BANK'S SIGHTS.

SPEAKING IN SYDNEY ....DR EDEY SAYS THE PACE OF GROWTH IN HOUSE PRICES IS NOW HIGHER THAN AVERAGE.

BUT HE'S CALLED FOR SOME PERSPECTIVE..WITH INTEREST RATES AT RECORD LOWS, DR EDEY SAYS HOUSE PRICES SHOULD BE RISING.

AND HE'S WARNED AGAINST LABELLING THIS A BUBBLE.

THE RESERVE BANK OF AUSTRALIA... HAS CAUTIONED AGAINST "UNREALISTIC ALARMISM" ABOUT A POSSIBLE BUBBLE IN AUSTRALIA'S HOUSING MARKET.