/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.

- RBC: Fed is set to hike rates today and again in December with additional four

hikes in 2019. RBC doesn't have an "official forecast" beyond 2019, but can

"easily see the Fed continuing the hiking cycle into 2020 before it (likely)

comes to an end." RBC posits the Fed "expects slightly more than one additional

hike in '20 but our sense is, with several doves seemingly becoming 'centrists'

of late, w/relatively low hurdle to get median up a bit" from 3.4% to 3.6%

possible, allowing Fed to "show rates on hold in 2021 at that level."

- RBS NatWest: Expect Fed to hike while signaling "further gradual rate hikes

ahead (including December). More important is what happens with policy once

rates reach the neutral level. Unfortunately, we expect little clarity with

respect to that question at this time." RBC expects "risks to the economic

outlook to again be characterized as 'roughly balanced'" while the Fed "could

acknowledge the potential impact of Hurricane Florence."