The most likely outcome in today's meeting is that the Fed will taper bond and MBS purchases by about a quarter. The market at first will freak out and we should see sharp drops in metals and a selloff in stocks and petroleum.
Commodities are getting crushed as strong U.S. data increase the odds that the Federal Reserve is getting closer to "The Great Taper." The impact of QE on commodities is most clear when the Fed says that the party is going to end.
BP Plc appeared in federal court in New Orleans to answer U.S. charges brought over the 2010 Gulf of Mexico oil spill, entering a not guilty plea that won’t affect its $4 billion criminal settlement with the U.S.