With NatWest dropping its outlook for a.........>

FED: With NatWest dropping its outlook for a December hike, the number of

sell-side analysts expecting a FOMC cut in Dec has dropped to 11 from 12

previously, per our tracker of 31 analysts.

- Additionally, of those 31, there`s only 7 that see more than 2 further cuts

coming. 10 see pause for foreseeable future, 11 see one more cut in either Dec

or Q120; 3 (incl NatWest) see 2 more cuts.

- Late Monday Natwest wrote that "last week's developments have led us to tweak

our Fed call. Previously, we expected three additional rate cuts after October:

December, March, and June. However, in the wake of the FOMC meeting and the

release of the October employment data, we now expect the Fed to stand pat in

December. Importantly, we still believe the Fed will ultimately feel compelled

to lower rates further and so we continue to forecast rate cuts in March and

June, dropping the funds rate to 1.00%-1.25% by mid-2020."