The markets will have properly digested the latest "last ditch" attempt to shore up the euro and act accordingly.

What markets were digesting was the task that lies ahead.

The second pop in commodities, which began last fall, is what the markets are digesting now.

"With much less enthusiasm and volume than yesterday, the market is digesting its new record level."

"The market could probably digest anything up to $12.5 billion without much difficulty," one Wall Street analyst said.

Oil prices slipped amid early profit taking, then turned higher yesterday, as the market digested the strong gains of Wednesday's session.

Euro Disney had a bumpy ride as the market digested its results, sinking to a low of 813p down 35p.

Stocks dropped just ahead of the Fed report and immediately after it, as the market digested the outlook for rates.

This disclosure must be made without delay so that the market can digest the relevant information.

"Sometimes the catalyst is just a recognition that the market has just digested some market-unfriendly news," he said.