/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."