FOMC Preview: "Boring" And "Uneventful" Dovish Hold

The Federal Reserve will leave the policy rate unchanged at 3.50-3.75% on Wednesday, with the latest BBG/Reuters polls showing unanimous expectations for no change at this meeting, while 58% of economists surveyed by Reuters also see rates staying on hold through the quarter. Money markets are pricing in around 45bps of cuts by year-end, with the first 25bps reduction seen by July.