“War is a rock-throwing contest, and the fellow with the most rocks wins” -- General William Knudsen

On this day in 1942, the U.S. B-29 Superfortress bomber made its maiden flight in Seattle, Washington. The massive aircraft, whose development reputedly cost more than the Manhattan Project to build an atomic bomb, was originally conceived as an option to attack Germany but ended up being used exclusively against the Japanese. One fire raid on Tokyo in March 1945 is said to have killed more than 80,000 people. Two of the planes, Enola Gay and Bock’s Car, dropped the atomic bombs in August of that year.

Yellen's rate decision

Speaking of big, U.S. central banker Janet Yellen faces a huge decision in the coming months on when or if the Fed should raise interest rates after some inconvenient economic readings. There is no interest rate hike expected at the conclusion of the Fed’s two-day meeting but the central banks “is unlikely to be able to assuage concerns about the pace of future rate hikes following recent data pointing to slowing growth and rising inflation,” Investor’s Business Daily says.

Yellen must also navigate the tricky shoals of the U.S. election. Republican presidential nominee Donald Trump, predictably, says the Fed is keeping rates down until President Barack Obama is safely out of office. "Watch what's going to happen afterwards — it's a very serious problem."

Our Fed coverage today includes insight from Wilbur Ross, famed as an investor in corporate repair jobs, who joins us for an extended interview starting at 10:05 a.m. ET.

The Fed rate announcement is set for 2 p.m. ET and the press conference for 2:30 p.m ET. We’ll get reaction from guests including Brian Belski, chief investment strategist at BMO Capital Markets, and Manulife Asset Management economist Megan Greene.

 

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BNN ADVISOR: NEWS FOR MONEY MANAGERS

BNN Advisor looks at the news and trends driving the wealth management business. Get the latest news and videos at BNN.ca/advisor. Also, catch BNN's complete Advisor program as Catherine Murray looks at year-end statements with perspective from Sun Life, Raymond James, and Peak Financial.

Check out more Advisor content on BNN.ca:

Countdown to year-end

For millennials, debt is a four-letter word

Hedge fund robot outsmarts human master as AI passes Brexit test

Are you a financial advisor interested in appearing on BNN? Contact Catherine Murray at bnnadvisor@bellmedia.ca

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Our Top Line on BNN today has been a warning from the Organisation for Economic Co-operation and Development that the world will be mired in weak economic growth through the end of next year. “The global economy is projected to grow at a slower pace this year than in 2015, with only a modest uptick expected in 2017,” it intones. “A low-growth trap has taken root, as poor growth expectations further depress trade, investment, productivity and wages.” The  2016 projection for  growth in Canada is now just  1.2 per cent, down by half a percentage point from its June prediction.

OECD’s warning on low rates and housing

But the OECD also cautions that low rates have inflated asset prices, including housing in nations such as Canada. “Over recent years, real house prices have been growing at a similar or higher pace than prior to the crisis in a number of countries, including Canada, the United Kingdom and the United States.”

Finally, never mind gloomy economists. Researchers in Denmark found that cheese, and lots of it, may be a key to health.

Bring. It. On. 

Every morning Commodities host Andrew Bell writes a ‘chase note’ to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe