We are finally seeing some legitimate concern and, at least, acknowledgment by markets that the FOMC tomorrow afternoon represents some type of risk in terms of the possibility The Fed may hint or outright focus on tapering/tightening. And with a hot PPI number this morning language on the Fed statement and/or presser tomorrow about fairly imminent tapping would be entirely justified.
Of course, we know with this iteration of The Fed that entirely reasonable actions are never a given. And there are quite a few seasoned investors out there fully expecting the Fed to stay ultra accommodative.
In the meantime, we have a market featuring mostly dipping and squishy action today.
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