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Goldman rates strategists.........>

FED FUNDS FUTURES
FED FUNDS FUTURES: Goldman rates strategists observe that the current Fed Funds
mid-point is 1.375%, by Jan 20 futures indicate a level of 2.58%, implying just
under 120bp of rate hikes in 2018 and 2019 combined.
- Currently the dots include 3 rate hikes this year and next. With many
expecting a bump up in the dots "current market pricing looks pretty
vulnerable." Goldmans is also amazed at how flat the OIS curve is beyond the 5Y
point.
- Goldman says that investors should "beware of the dots as the macro trading
world is anxious to find the next trend and it could be the case that the
current market pricing has lost the plot with respect to the dotplot"

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