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US VIEW: JPM economist Michael Feroli expects the FOMC "will raise the fed funds
target range by 25 basis points" at its Tues-Wed policy meeting, "taking it to
1.25-1.50%. As this is also the overwhelming consensus expectation, the more
interesting development will be what the Committee signals about its 2018 policy
outlook. In their last quarterly projection from September the median committee
participant expected three hikes next year. We think there are about even odds
that this increases to four expected hikes."