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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.
- JP Morgan: Expect Fed to hike "with a similar increase in the IOER rate",
followed by three more in 2019 and one in 2020. "For the new 2021 forecast we
look for midpoint of the funds rate target to be about unchanged at 3.375%. The
median longer-run dot, 2.875% in June, we anticipate to be either unchanged or
drift up to 3.0%."
- BNY Melon: Fed hike a "foregone conclusion" on the back of "strong economic
data". On dots, the current "2.375% median (four hikes) for this year has a
central tendency," while the "median 2019 projection calls for three additional
hikes, with one additional hike in 2020 that will bring the funds rate to 3.375%
by the end of the current hiking cycle."

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