Today is the commencement of the third of eight Fed meetings scheduled in 2016. There is a zero percent chance that the Fed will announce an interest rate hike at the conclusion of the meeting tomorrow, as evidenced by the announcement of no read statement and no press conference. We won’t even know what was discussed in in this FOMC meeting for another three weeks when the minutes are released. Perhaps they will be talking about how home prices continue to increase at a rate of roughly that of every other measure of inflation.
