Scotland's referendum seems to overshadow this week's key events. Yet, for the most part, it is a binary event. Either Scotland votes to be independent of the England and Wales or it doesn't. An independent Scotland would be a surprise even though the polls show a statistical dead heat. It would send sterling reeling. The betting (as opposed to speculating) clearly favors Scotland choosing to remain in the union. This will likely shoot sterling higher, and keep the expectation for a Q1 15 BOE rate hike intact. The two-day FOMC meeting that begins today is only slightly more nuanced. The Federal Reserve will update ... (full story)