TODAY'S FOMC IS THE MOST IMPORTANT ONE IN Q4. And the reason is inflation. Since the last FOMC meeting, CPI has hit a 4-month high while PPI is almost at a 4-year high. When the Fed hiked rates at the last FOMC meeting, Kevin Warsh said that the Fed is committed to bringing inflation down to 2%. Currently, it's running at almost 2x the Fed's target, and yet the Fed is expected to pause. So, the market will be paying attention to one thing today. Can Kevin Warsh really bring inflation under control by hiking rates just like Powell did? If Kevin hints at "Yes," the markets will sell off as the economy and markets can't survive high rates. If Kevin hints at "No," bond yields will start to spike and will force the Fed to hike. If Kevin hints at nothing, markets will still sell off as uncertainty impacts more than negative news.