It's not just the Fed and BoC due up.........>

BRAZIL: It's not just the Fed and BoC due up today, but also the Brazilian

central bank, who are expected to trim the SELIC rate by 50bps to an alltime low

of 5.00%. This would be the third consecutive 50bps reduction.

-Another cut to rates today has been relatively well telegraphed by the BCB and

still low inflation expectations and GDP forecasts give the bank sufficient

justification. This prompts focus to turn to 2020 inflation forecasts

(projections sub-4% may suggest further easing) and the board's judgement on

slack in the Brazilian economy.

-Citi this morning cut their Brazilian CPI forecasts, raising downside risks to

their expectations of a 50bps cut today and again in December.

-The recent uptick in the BRL (up just shy of 5% against the USD since

mid-October) followed the progress of pension reform through the Brazilian

senate, which also gives the BCB more room to ease policy.

-The decision is due at 6pm local time (2100GMT/1700ET).