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Today we look at markets trading nervously ahead of tonight's FOMC meeting, as we wonder how the Fed can maintain a hawkish tone relative even to the recent sharp rise in expectations. The new "dot plot" forecasts for the Fed funds rate by the end of this year will be key on that front on top of whether the Fed hikes 100 basis points or the more likely 75 basis points today. We also look at the immediate impact on sentiment in Europe and on wheat as Russia has announced a partial mobilization this morning . Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic