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/PREVIEW: Multiple dealer opinions on..........>

FOMC: /PREVIEW: Multiple dealer opinions on today's FOMC annc, .25bps
universally expected, most with an additional hike in December; particular attn
to forward guidance and addition of 2021 dot in SEP today.
- BofAML: Fed is set to hike "bringing the Fed funds rate to a range of
2.0-2.25%." On inaugural 2021 dot: BofAML expects it to "be a bit above 2020.
The long-run dot threatens to move up to 3.0%. Fed communications should support
flatter curve over time, USD expecting hawkish Fed. We think it is likely to
communicate that policy is no longer accommodative by revising or simply
removing that language in the statement."
- BNP Paribas: "From "'gradual' to 'nimble'". Rate hike "likely...with few
changes in the statement and near-term forecasts. The press conference should
hint at a December hike." While "economy continues to hum" and "inflation moves
towards the Fed's 2% target...China tariffs pose downside risks to Fed forecasts
for growth and upside risks to inflation in 2019."

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