The US dollar is trading quietly, largely within yesterday's ranges ahead of the much anticipated FOMC meeting. Even more broadly, the capital markets are relatively quiet. Asia-Pacific equities were mostly lower, except for Japan, Thailand and Australia. Of note, Chinese shares edged lower to new six month lows amid the rising money market rates and talk that officials may begin granting approvals for new initial public offerings. European shares are narrowly mixed and the Dow Jones Stoxx 600 is off marginally, but of note the financials are the weakest sector. There are three parts to the Fed story today: the FOMC ... (full story)