(2/2) More FOMC Minutes previews: * Citi:.......>

FED: (2/2) More FOMC Minutes previews:

* Citi: Expect to show "broad agreement that the delivered policy easing is

sufficient 'insurance'...any hawkish or dovish takeaway will likely depend on

Committee members' contemplation of potential future hikes, which we think are

unlikely in 2020....may also give clues on further balance sheet adjustments"

* UBS: "likely to appear dovish even as they signal that the mid-cycle

adjustment is over. This is because the market is already pricing in such an

outcome. In particular, we think it is common for the bond market to price in

close to 1 cut (1 year ahead) if the Fed is expected to be on hold...minutes may

also discuss inflation shortfall and global risks, which will appear dovish."

* NatWest: "market participants will be looking for any insights as to what

exactly a 'material reassessment' to the FOMC's outlook would entail."

* Scotiabank: "broad tone should continue to convey notion that policy is not on

a pre-set course... discussion on funding market pressures may be somewhat stale

by virtue of the fresh expansion of longer-term repo operations led by NY Fed

announced Nov 14th that is designed to bridge over year-end funding pressures."