The Federal Reserve’s July 28-29 policymaking meeting on interest rates was, frankly, expected to be a snooze fest just a few weeks ago. Now, it’s going to be a humdinger. Economists, traders, and other Fed watchers were forecasting that the Federal Open Market Committee would vote to hold the benchmark Federal Funds Rate steady. This was due to a stabilizing labor market, a huge slide in oil prices, and a refreshing dip in the June Consumer Price Index, indicating a resilient U.S. economy that could take a beat from hawkish concerns that a tightening of policy was needed ASAP. Today, we’re looking at a coin toss, ... (full story)