update #2

Conditions are deteriorating rapidly... Asian equity markets are getting slaughtered and crude is under tremendous pressure. Gold is also selling-off. We're seeing extreme risk measures being taken by the markets right now.

The issue with AIG is coming to the meltdown point. Moody's has downgraded AIG and should the firm fail to raise at least $75 billion they could be facing bankruptcy by Wednesday and this would cause catastrophic shocks across all markets in all corners of the globe.

It's my understanding the Treasury is trying to broker a bridge loan deal to help AIG stay solvent... more like a "bridge loan to nowhere". Keep you eye on this situation...

I forget to mention this in the update, but in addition to the FOMC we have several key fundamental events... out of Europe we have CPI, ZEW and out of the U.S. we have CPI, Core CPI, and TIC.

I've not done any normal research on those events as I'm focused on the FOMC and trying to keep pace of what's happening within the markets. But be aware we do get that key data throughout the morning and we have potential to see market reactions.