Frontrunning FOMC: August
Sorry I'm a little late wandering into this at 9a PDT on FOMC Day, you'll have to forgive my tendency to procrastinate and the whole living on the West Coast thing.
What should we expect to see from the FOMC today?
Well... not a damn thing. I think PI got it correct in saying they tend to recycle statements (sort of like "last year's file" for the Fed), especially since from the Fed's perspective things haven't really changed all that much.
Observing that the FOMC has a tendency to use the respective last minutes as a base for the upcoming version I am not expecting too much of a change. As the Fed is on ZIRP (zero interest policy) auto pilot while fundamentals have not changed for the better in the current summer lull (calm before the autumn storms?) and one can expect that the introducing paragraph will not change very much.
The Fed has used up most of its Treasury purchase loot and is still squeezing the last good juicy bits from its March QE plan, behaving badly behind the scenes, and fairly sketched out by the fragility of what it perceives to be recovery.
Don't expect a bombshell today, kids.