JPMorgan expects FOMC to leave rates on hold next week

JPMorgan analyst Michael Feroli says “a fair bit of intermeeting Fed rhetoric hinted at no change at next week’s meeting” and the firm expects the FOMC will leave rates on hold next week. In addition, the firm expect that the post-meeting statement will likely leave intact the “hawkish bias in the forward guidance” that has been in the statement since May. The firm, which believes the median dot for this year will show one additional hike, but adds that “there’s a good chance the median could show no further hikes,” looks for no dissents and no changes to balance sheet or administered rate policies.