Here comes the Fed ...
The Fed's decision is almost here.
At 2:00 p.m. ET, the Federal Open Market Committee will release the outcome of its two-day meeting with its latest policy statement.
The Fed is expected to hold its benchmark rate unchanged at 0%-0.25%, prolonging the wait for the first interest rate increase in nine years.
This won't be a shocker. Even after chair Janet Yellen said in June that 2015 would be an appropriate timing for a hike, inflation is crawling towards the Fed's 2% goal, the labor market's progress is mixed, the Fed is concerned about global growth, and markets got frighteningly volatile in August.
Economists, including Deutsche Bank's Joe LaVorgna, anticipate a dovish tone, implying that not much would change from the Fed's September statement.
But in the absence of a press conference and forecast updates, attention is squarely on the Fed's language.
Mainly, it's the FOMC's big, final chance to signal just how seriously it is considering a rate hike in December, and so prep markets. And, the Fed may acknowledge the slowdown in the pace of job creation we saw in the past two jobs reports.
We'll have everything you need to know and the statement's full text at the top of the hour.