What levels are in play…
The November FOMC rate decision is due at 2 PM ET/1800 GMT with not change expected by the Fed. There may be some changes in the statement to pat the Fed on the back for the better GDP (even if it was a rebound and helped by a quirking soybean export surge). What will be watched is the change in the vote. Last month there were 3 members who wanted to tighten. Will that number increase without going over the tighten mode. I would think that the Fed would want a near unanimous vote if they were to tighten. It would not look good with a 6-4 vote (what happens at 5-5?). Last meeting the vote was 7-3 (Mester, George and Rosengren voted to tighten).