Investors will likely focus as much on Warsh’s press conference as on the policy decision itself, searching for clues about the committee’s reaction function, even if he avoids offering explicit guidance to markets. Long-term interest rates remain driven more by Fed expectations and less by fiscal sustainability concerns, a notable reversal from last year. Additionally, we do not represent that the information, data, analysis and charts are accurate or complete, and as such should not be relied upon as such. Investors should make their own decisions on investment strategies based on their specific investment objectives and financial circumstances. Sage Advisory Services, Ltd. Co. is a registered investment adviser that provides investment management services for a variety of institutions and high net worth individuals.