This year, the FOMC decision day has become a day at the Colosseum in ancient Rome. 

Powell is Caesar watching and pontificating in all his glory, the market is the gladiator, and the Fed rate decision/policy is the lion.  

The street is looking for a higher terminal rate, but rate cuts next year. Powell will have to clear that up. 

One of the reasons today’s decision and press conference has everyone on pins and needles is communications, or should I say miscommunications, beginning with the so-called Fed Whisperer, Nick Timorous, first on a step down, then on need to be aggressive. And just yesterday, White House Council of Economic Advisers member, Jared Bernstein, made an odd comment that he later had to reverse- take a listen.

The last thing we need is a lot of confusion ahead the FOMC decision.

Hang on.