Photographer: Andrew Harrer/Bloomberg

Charting the Markets: The Two-Day Fed Meeting Looms Large

The yen rose against all 31 of its major peers, and natural gas in New York sank below $2. A plunging BASF showed the struggles facing global industrial giants.

The Federal Reserve kicks off its two-day meeting on interest rates Tuesday. It's more a case of the message policymakers convey than what they do, with the cost of borrowing forecast to stay at a record low. Put simply, there's a 4 percent chance the Fed will hike rates, according to Fed fund futures. This coming March seems to be the most likely month of a change in policy, with the probability of an increase at 58 percent. Another central bank meeting is looming at the end of the week. Economists are divided on whether the Bank of Japan will boost its record stimulus. Asian stocks fell for the first day in three, while emerging market equities dropped for a second session as the feel-good factor from China's sixth interest rate cut in a year dissipated. European equities fell for a second day.

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