Just a short editorial comment before the FOMC announcement. There are many calling for the FOMC to cut the Fed funds rate. Most of these players seem to be financial players seeking relief in their financial positions. I don’t hear as much coming from real businessmen arguing that they need cheaper financing in order to survive, and/or grow their businesses.
The FOMC listens to the latter group more closely. They listen to inflation signals more than both groups, though.
One of the investment implications is that the absence of a rate cut will continue to put pressure on leveraged investors that finance off the short rate. No disasters now, but the pressure is growing.