On the face, this week’s FOMC meeting should be a non-event. After all, Fed Chairman Jerome Powell laid out the central bank’s timetable in unusually clear terms at his Senate confirmation hearing earlier this month, stating “As we move through this year … if things develop as expected, we’ll be normalizing policy, meaning we’re going to end our asset purchases in March, meaning we’ll be raising rates over the course of the year… At some point perhaps later this year we will start to allow the balance sheet to run off, and that’s just the road to normalizing policy.” Not surprisingly, the market has priced these ... (full story)