As we await the results of the first of two important central bank meetings

As we await the results of the first of two important central bank meetings there is yet more economic data, both domestically and abroad, to chew on. The Federal Reserve will conclude its two-day meeting with a policy decision at 2:15 pm EST today with many investors anticipating some form of economic stimulus to get the U.S. economy back on track…or at least somewhere closer to the track. Meanwhile, payroll firm ADP reported that the private sector tagged on another 163,000 in July, better than expected but nothing to write home about. U.S. government jobs data, the more important figure, will be released on Friday. Manufacturing and construction spending data will be released at 10:00 am and may or may not support the hopes of impending Fed action. In the broader global economic picture, Chinese Government PMI data showed the world’s #2 economy is expanding at a snail’s pace falling from 50.2 to 50.1..just above the threshold of contraction. The precious metals complex is under a bit of pressure ahead of the Fed announcement with gold having just fallen below $1600 (down .75%) and platinum off more than 1.5%. Have a great day!