One of the most straight forward ways to play the FOMC meeting and Bernanke press conference is to get long U.S. treasuries. The iShares Barclays 20+ year Treasury bond ETF (TLT) is an easy way to do this. If you buy the TLT today in advance of the FOMC news, you are counting on the Fed to reassure investors that tapering will not take place for some time and it will be measured. This investment works if interest rates decline. We also believe inflation expectations will rise and the inflation protected Treasury ETF (TIP) will trade higher – recovering some of its recent loss.