The closer we get to the U.S. election date this fall, the less likely it is we will see any intervention in the markets by the Federal Reserve. Recent economic data has been just good enough to forestall any immediate intervention. In order to not appear as they are meddling in the elections, there is a period of time just prior to that when they have their hands tied. Few seem to agree, but to me, there is little that the Fed has left to do. Perhaps many more would agree with the fact that much of what the Fed can do is already baked into the markets. Regardless of what the Fed might do, the fact is, we are only a couple of weeks away from what, historically, has been the worst month of the year in the stock markets.