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Morgan Stanley Research maintains a bullish bias and long USD exposure into tomorrow's November policy decision.

  • "Our strategists expect the November FOMC to support further consolidation of the market, as the Fed discusses lowering the pace of hikes, and they will be watching Powell's views on Treasury market liquidity, and any potential regulatory reviews. They suggest being neutral on duration and curve into the November FOMC meeting, and recommend being short 2y SOFR spreads as a way to play for lower short positioning in Treasuries," MS notes.
  • "Resilient Treasury yields should limit USD downside, and our FX strategists recommend remaining long USD against EUR, GBP, and CAD," MS adds.

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FOMC on Thursday, 3 November 2022, timings (in GMT):

fomc Thursday, 3 November 2022

This snapshot from the ForexLive economic data calendar, access it here.

The times in the left-most column are GMT.

The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.