UBS: Long Bonds Will Sell Off Today Whether the Fed Is Strongly Dovish or Hawkish
Surprise scenarios are bad for long-dated sovereigns.
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Traders will tell you that nothing's worse than making the right call but not being able to make any money off of it.
So as the "will they or won't they" debate stretches into the 11th hour, it's a good time to examine how Wall Street expects the market to react to an array of potential Federal Reserve outcomes.