The FOMC meets this week with no clear signal as to what action they may take.

This should be an eventful week. The Fed has been very reluctant to send any signal as to what may happen with monetary policy at this meeting. Bond investors have taken market interest rates up more than 30 bp since the last meeting while the Fed Funds futures market is pricing in a better than 90% probability of a third cut in managed rates of 25 bp this year. The economic data is weaker than before the last FOMC meeting. The Advance Report of third quarter Real GDP is due to be released Wednesday morning so the Fed will have this data for their meeting. The consensus forecast calls for growth of 1.1%, well below the 2.0% growth of the second quarter and 3.1% in the first quarter.