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With growth seeming precarious, many now expect significant reduction in interest rates before yearend.
However, rate cuts seem less likely: Some FOMC members' concerns about slowing global economic growth have abated.
While market participants drag their heels, the deadline to move away from LIBOR approaches unabated.
Fed adopts stance it shunned under Janet Yellon: It won't hike rates until it has proof of accelerating price increases.
Below-zero yields on corporate debt suggest "Japanification" redux.
Putting the rates benchmark out of its misery is proving easier said than done.
Also plans September end to asset drawdown.
Investors are increasingly accepting negative yields again as they adjust to a market environment rife with worry about global growth.
FOMC's statement yesterday indicates the bank will be “patient” in determining whether to continue raising interest rates later this year.
After monetary policy messages whipsawed global financial markets over the past month, effective communication will be key in Powell's remarks this week.
