Holding Breath for Fed

Wall Street trading was range-bound as investors await the FOMC meeting which starts today. Carrying forward the upbeat sentiment in Asia and Europe, S&P500 had risen as much as +0.7% early in the session. The gains were then pared later in the day, leaving the index flat at close. DJIA ended the day -0.02% lower. The Treasury market was also rather quiet with yields edging 1-bp higher. US dollar erased some of the gains made last Friday. On energy prices, crude oil prices recovered with the front-month WTI crude contract adding +0.63% and the Brent crude contract up +0.39%.