Eyes are pretty much fixed on todays regularly scheduled meeting of the Federal Reserve’s rate-setting panel (FOMC.) There is a healthy divergence of opinion in the market over likely outcome of the deliberations. But on balance, given the recent turmoil, a cut of at least 25bps seems to be on the cards (or in the cards if you live in North America.) Trading continues to be nervy with choppy price action in illiquid markets.