AT this stage of the US economic recovery, a Federal Open Market Committee (FOMC) meeting which could yield an interest rate hike would normally be of paramount importance. That is, if these were normal circumstances. The problem is that the situation is far from normal.

China's possible hard landing, a volatile and unpredictable oil market, the upcoming "Brexit" vote in the UK, continued warnings from the International Monetary Fund about sub-par global growth, a slow and likely stagnant European recovery with risks that are tilted to the downside, and a Japan that is unable to drag itself out of a seemingly unending slump and massive imbalances created by years of unprecedented "quantitative easing" efforts - all contribute towards a scenario in which nothing can be taken for granted.

Oddly enough, one thing markets are certain of is that the Federal Reserve will not act at this week's FOMC meeting, with the futures market currently pricing a zero probability of a rate hike.