Goldman's Delta-One Head Lays Out The Bullish and Bearish Cases In Today's Fed Decision

Equities continue to be very choppy ahead of today's Fed decision, where the market is braced for a hawkish cut although as BofA's Michael Hartnett explained a dovish cut may be a bigger risk for bonds, and thus stocks, to wit: "only thing that can stop Santa Claus rally is “dovish” Fed cut causing a sell-off in long-end."

While we did a comprehensive Fed preview earlier, we take a closer look at what some of the more followed institutional traders have to say about the Fed's decision due in just under 3 hours, starting with Goldman's head of Delta One, Rich Privorotsky, who writes that the "Fed will lean data-dependent but sound firmer, with more dissents. I struggle to see the markets distribution moving too much regardless of the dots. At minimum it should be entertaining" Rich writes quoting the latest report from Nick "Nikileaks" Timiraos: