With tomorrow’s FOMC projections and announcements being such a big deal, it’s only natural that the markets priority at this stage is caution – dealers do not want to be taken out of, or even given positions that they have not initiated at such a late stage in the game. Today officially marks the first day of the Federal Reserves two-day policy meeting, so investors are mostly in a wait-and-see mode ahead of the outcome. Consensus this far expects the FOMC to announce its first reduction of asset purchases this week –a token taper of $10b – but Ben and the “boys” are expected to paint their decision as dovish as ... (full story)