Federal Reserve officials repeat it so often it’s fair to call it a mantra: "Every meeting is live." That is, the Fed says it could take policy actions at any of its eight yearly meetings, not just the four that include press conferences which allow Fed Chair Janet Yellen to explain any moves in greater depth. So far, the Fed has not proven its point — it has only taken policy actions in recent years during meetings that include press conferences. This has caused market participants to largely discount non-press conference meetings, like this week’s gathering, as nothing-burgers. Currently, the market is pricing in ... (full story)