Markets are calmer than they were yesterday leading into today’s Fed meeting and U.S. inflation release. Into the NA open, the USD is strong, the U.S. 10-year is at 2.1%, NA equity futures are pointing to a strong open and oil prices have slipped. Today’s release of inflation will provide further clues as to how lower oil prices are suppressing CPI and are an important input to the Fed. However, the most important release today is the statement and economic growth forecasts from the Fed (2:00pm EST) followed by Chair Yellen’s press conference at 2:30pm EST.
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