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What Money Morning's Top Fed-Watcher Sees for Interest Rates, Stock Prices and the New Year Economy

U.S. Federal Reserve policymakers conclude their two-day meeting today and are expected to keep interest rates unchanged. But central bank rate policies - coupled with next week's U.S. presidential election - are the two biggest issues influencing U.S. stock prices.

But even if the Federal Open Market Committee (FOMC) holds the line on rates today, it is widely expected to boost borrowing costs in December - thanks to indications the long-moribund U.S. economy is finally accelerating. Indeed, Fed Chair Janet C. Yellen said back in September that strength in the job ranks and a healthy surge in inflation would give policymakers the confidence to raise rates.

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