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Need to Know: Buy your insurance now against the boogeymen lurking in this market

Suit up for the Federal Reserve’s big test for this market later, as that’s about all that’s on the menu for this late-summer day.

There have been a bunch of Fed comments recently — raise-the-inflation-target San Francisco Fed president John Williams, September-hike-likely New York Fed Pres. William Dudley and then there’s at-least-one-hike Atlanta-Fed Pres. Dennis Lockhart.

So naturally, investors would like to know what the heck is going on. If we get a hawkish Fed tone out of those minutes, then the dollar likely takes off, say market watchers. It’s been creeping up this morning as Japan pulled out its big gun to talk the yen down.

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