The Federal Open Market Committee meeting should produce a start date for balance sheet reduction and a new dot plot, but no rate hike.

SIEGEL: The Federal Open Market Committee is meeting this week. While the panel is unlikely to change rates, it won't be a board meeting. An announcement should be forthcoming at the conclusion of its two-day meeting on Wednesday about the start date for balance sheet reduction. The Fed has already said how it will cut reinvestment to reduce its $4.5 trillion balance sheet. The FOMC intends to gradually reduce the Fed's securities holdings by decreasing reinvestment of the principal payments received from securities held in the System Open Market Account.

A new summary of economic projections or .bot will be released, offering insight into the panel's thinking about a possible December 8th hike. Chair Janet Yellen will hold a press conference after the release of the FOMC statement. This will be less meaningful Vice Chair Stanley Fischer, who recently announced his resignation. Yellen’s term expires in February and questions remain about whether she will be retained by President Donald Trump. I'm Gary Siegel, and this has been your muni minute.