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October 30, 2013 AT 1:55 PM
It's Fed day, the day when the Fed issues its latest policy statement. The Fed is expected to leave policy as is, in the wake of questions about the health of the economy and uncertainty surrounding the fiscal fights in Washington. Ward McCarthy, managing director and chief financial economist of the fixed income division at Jefferies, says it boils down to this: "With fiscal policy that is restrictive, monetary policy needs to continue to be accommodative." McCarthy says December is a longshot for any change in Fed policy because another fiscal fight is looming.