Brean Capital's Peter Tchir also...>

US TSYS/RESEARCH: Brean Capital's Peter Tchir also said on Wed 2pm ET FOMC

meeting outcome that he believes the Fed's "dots will shift slightly lower, but

still be ahead of what the market thinks."

- He also expects that "balance sheet reduction will start at a snail's pace,

and we will be told repeatedly how they can reverse course if anything" occurs.

- He adds that "in the brief time between getting the info" at 2pm ET and the

Fed Chr 2:30pm ET 'press conference, they will further refine their message to

soothe markets."

- He believes US Tsys "yields are headed higher, but not because of the Fed, so

cover any shorts between now and then (especially as we are at the 100 DMA on

the 10 year). The worst part is now I have those old Monster Truck commercials

stuck in my head and, I have to admit that the idea of going to Monster Trucks

seeming more appealing than grinding through yet another Fed press conference.

In any case, see you on Wednesday, Wednesday, Wednesday, and hopefully the event

will live up to its hype - but I highly doubt it."