IT'S as if the starting orders have just been given in the Grand National or the Kentucky Derby and investors are nervously gripping their betting slips, waiting for the gun. All the frenzied running around of the last moments of bet laying is finished and a hush has gone over global markets.
The biggest betting event of this year is not the Grand National or the Kentucky Derby or the Manny Pacquiao fight ... it's the Federal Reserve September meeting. This is a contest between the Hawks, or pro-rate hike bankers, and the Doves, who favour a looser monetary policy. Over the last few months, billions of dollars have piled into Treasury bonds, utility stocks and other rate-sensitive securities,...