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Fed dominates active calendar

David Russell (david.russell@optionmonster.com)

The Federal Reserve dominates today's agenda, but it's not the only event on the calendar.

Weekly mortgage applications get the ball rolling at 7 a.m. ET. The Commerce Department follows with August housing starts and building permits at 8:30 a.m. ET.

Economists forecast 910,000 starts on an annualized basis, up from 896,000 last month. Permits are expected to remain at 943,000.

Crude oil inventories also come out at 10:30 a.m. ET, which could make energy stocks active.

The Fed will make its interest-rate announcement at 2 p.m. ET, followed by a press conference 30 minutes later. Trading--especially in fixed-income products--will likely be volatile during that time.

The day's big earnings reports include FedEx and General Mills before the opening bell and software giant Oracle in the evening.

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