Futures are higher this morning on what is expected to be a non-event FOMC announcement and press conference. 
I suspect attention will again return to currencies, as the US dollar’s surge over the past month, combined with the big drop we had anticipated in oil and gas, will serve to tamp down inflation fears. Of course, there’s a fine line between falling inflation fears and growing deflation fears.
The bond market continues to reinforce the bearish case for stocks.
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