• As markets await the outcome of the FOMC meeting, Fed options are fairly limited. Officials have been forced to appear responsive to economic slowing, but the remaining policy tools are really just band aids. From Bloomberg News.
• In conjunction with the recent drop in copper and other base metal prices, Rio Tinto warned that some of its customers are asking to delay shipments. Concern over the economic slowdown is driving customer caution. From the Financial Times.
• The UBS board begins a 3-day meeting in Singapore to discuss the bank’s structure, and the future of its Chief Executive, Oswald Grubel. UBS’s moves will be closely watched by regulators, and could have repercussions in the European banking sector. From the Wall Street Journal.
• Economist Robert Shillers’ MarcroMarkets, LLC released a depressing survey on U.S. housing. The results suggest only a light recovery through 2015. Some of the Fed’s widely discussed “Operation Twist” is aimed at helping the housing market. The survey indicates that job growth and rising consumer confidence are what’s needed. From the Wall Street Journal.