NEW YORK (CNNfn) - Investors temporarily ignored economic data and focused on another possible predictor of future interest rates -- Federal Reserve Chairman Alan Greenspan's early morning stroll to Tuesday's Federal Open Market Committee (FOMC) meeting.|
The bulk of Greenspan's briefcase as he heads for the closed-door FOMC meeting is the best economic indicator of all, some say.
A well-lined tote, say market sages, means an interest rate hike in the offing, as Greenspan will have to haul along documentation to justify his decision.
On the other hand, a slimmish satchel means rates will remain pegged right where they are.
A rate hike between a quarter and a half percentage point has been widely expected by many, as the U.S. economy barrels through into its 107th month of unprecedented growth, raising fears of inflation.
On the way in to the two-day meeting, Greenspan's expression was neutral -- but what will the Fed Chairman's call on interest rates be? You decide.