None of the economic data on the calendar for the July 24 week will garner nearly as much attention as the FOMC meeting on Tuesday and Wednesday. In spite of widespread anticipation of a 25 basis point increase in the fed funds target range to 5.25-5.50 percent, this is by no means a done deal. While Fed policymakers have been explicit that the fight against too high inflation is not over, they have also been clear that they are watching the economic data closely. Policymakers do acknowledge that headline inflation has cooled meaningfully, but pivotal to the deliberations will be the ill-defined effects from the ... (full story)