• It’s expected that the Federal Reserve will stand pat at today’s meeting. Economic data in the U.S. has been stronger that forecast. Fed watchers are waiting for the Fed to withdraw its pledge for near zero interest rates through 2013, but that move is most likely next year’s business. From Reuters News.
• Overnight deposits with the ECB continue to hit 2011 highs. Banks deposited 346B euros Monday, up from 335B euros at the end of last week. The high deposit rate reflects continued friction in the interbank lending markets. From the Wall Street Journal.
• European Council President Herman Van Rompuy noted that the intergovernmental treaty required after the UK’s veto of an EU-wide agreement will be challenging to implement. The comments highlighted how difficult it will be to hold investor confidence together as the arduous negotiations begin. From the Wall Street Journal.
• As OPEC ministers prepare to meet in Vienna Wednesday the IEA urges the cartel to maintain production at 30M barrels a day. The meeting presents unique challenges as the market faces economic slowdown in Europe, and oil prices still holding above $100/bbl. From The Financial Times.