It is never to early to talk about a Fed meeting, more so given the recent volatility in currency markets. Some investors have obviously abandoned expectations that the Fed will slow QE as soon as September in favor of other broad themes such as problems in Japan. Bets are even mounting that the Fed will be dovish. Which makes the risk that the Fed disappoints and gives broad hints that things are improving to the point QE could taper off. Most analysts are still thinking the U.S. economy is the best game there is. Rising U.S yields are clearly not indicative of a fall in U.S. economic activity but more that economic momentum is rising and so are expectations for tightening. Look for the latest CFTC speculative positioning to be released today. Given it will only reflect positions through to Tuesday and much of the FX volatility has only come late this week, it may indicate how some speculators are positioning for the Fed and possible thoughts on QE.