Futures are off modestly as investors await the latest FOMC economic assessment and interest rate policy.

continued for members…

Expectations are that the FOMC won’t change rates and will continue to beat the data-dependency drum. I agree – though IMHO there’s an excellence chance that CPI and PCE will continue to rise in January due to the base effect of energy, stickiness of other inflation categories, tariffs, deportations, and government layoffs.