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Press Conference Set To Be Highlight Of Today's Meeting

FED

FOMC decision in 1.5 hours. By all accounts this is expected to be a very quiet meeting in terms of the decision/statement, esp with the election result still an unresolved question (and with no tightening of financial conditions alongside, which buys the FOMC further time to assess the situation).

Most are looking to the December FOMC for the next substantive action (consensus seems to be for, if anything, lengthening duration of Tsy purchases), so will be plenty of attention on Powell's press conference today (and the meeting minutes in 3 weeks, but that's another story).

In turn, Powell expected to be asked about how the Fed views the fiscal stimulus stalemate and its impact on the outlook, as well as any insight into the FOMC's discussions on asset purchases. [Expect him to deftly swat away questions on the election.]

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