'Twas the day before...

The Fed and all through the market not a trader was moving... You get the gist of it.

The Fed started its two-day meeting today in Washington, D.C., and the market remained largely unchanged today with some minor moves, but nothing to really hang your hat on. Most analysts expect The Fed to leave the rates unchanged tomorrow when they announce the overnight rate at 2:15 EDT due to the recent data reflecting a still sluggish economy.

There is still some growing concern about the rise in inflation with oil and food prices being two of the biggest culprits. Interestingly enough, corn has actually risen more than oil this year, and we continue to hear both sides of the debate about corn prices and ethanol production. That is a story for another day though.

Tomorrow we will most likely see the rates remain unchanged, but the real kicker could be the comments made by The Fed that accompany the decision. Look for the market to be tame for most of the day, then right before the announcement, look for some hedging or "bets" to take place.

It should be interesting...