Connecting The (FOMC) Dots

Given that the Fed almost surely isn't going to raise rates on Wednesday, it might be tempting to suggest September's FOMC meeting is a non-event. If that's your assessment, I wouldn't necessarily disagree. You can read my full FOMC preview here, but suffice to say rates will be unchanged and, in my view, the dot plot will preserve the Fed's optionality when it comes to squeezing in one more hike this year. The market won't (or shouldn't, anyway) be surprised if the Committee does indeed conve