Narrow ranges have for the most part been prevailing into the FOMC, with sterling an exception as it rallied on much stronger than expected UK wage data. Regarding the Fed, this is the first policy meeting where there is a possibility of rate action -- albeit very remote -- in literally years. No policy action is widely anticipated, but markets will scrutinize the statement, forecast revisions and Yellen's press conference for clues on the timing of a first tightening.
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