FOMC meeting tonight, forward guidance in the spotlight

For the FOMC tonight, it's all about forward guidance. At Yellen's congressional testimony two weeks ago, the Fed Chair neither ruled out a September hike, nor signalled September was a done deal. The non-committal message will also be what is conveyed in tonight's statement. 

"A September hike is still our official call, but our US team makes the argument that aesthetics matter to a data dependent Fed," noted RBC Capital Markets.

As a result, the Fed will opt to keep their options open and use the seven weeks between the September and July meetings to firm up their decision.