All eyes on the Fed this week

ALTHOUGH it was weak oil that derailed Wall Street on Friday and the Department of Justice has demanded an unprecedented US$14 billion from Deutsche Bank for the latter's role in selling junk US mortgage-backed securities during the US sub-prime crisis, there's little doubt that this week's main market-moving event will be the Federal Open Market Committee or FOMC meeting.

Rabobank on Friday summed up current thinking by saying while the FOMC's hawks are ready to hike, they will find it difficult to convince the …