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MUFG strategist John Herrmann said....>

US DATA REACT
US DATA REACT: MUFG strategist John Herrmann said today's 3Q ECI Index +0.7% q/q
was "in-line with preview. Wage and salary growth in the private sector - near
62% of total business costs - rose solidly in the 3Q to +2.6% yoy - near the
fastest pace of the current cycle (of +2.7% in 2Q-2016)," he said. 
- His models "continue to forecast a steady upward improvement in income growth
towards +3.20% over 2018 through mid-2020," he said. "In turn, our models
continue to forecast FIVE 25-bps short-end interest rate hikes by the December
2019 FOMC meeting."

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