BMO analyst Ian Lyngen noted.......>

US TSYS/RESEARCH: BMO analyst Ian Lyngen noted FOMC at Wed meeting "left rates

unchanged as-expected, statement was uneventful and led to little in terms of

price action. No major changes were made, but that was widely expected.

Highlights of the few alterations included the characterization of growth as

solid "despite hurricane-related disruptions.""

- He added that other FOMC "changes included specifying inflation as impacted by

the storms, with the phrase "hurricane-related disruptions and rebuilding will

continue to affect economic activity, employment, and inflation in the near

term, but past experience suggests that the storms are unlikely to materially

alter the course of the national economy over the medium term." This serves to

further excuse-away any noise in the data as we approach the Dec FOMC meeting."