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    Goldman Sachs – FOMC preview: Watch the long-run target rate for USD direction

    Goldman Sachs posted a preview on the FOMC decision via Bloomberg, noting that the Fed could downgrade its long-run target rate. Key Points:Expect the Fed to downgrade long-run target rate of its hiking cycle by 25 bps to 3%This would lead to a weaker USDIt would be 3rd time since September of 2015 the Fed has cut its long-run target rateIf the long-run target rate is left unchanged, it could signal Fed isn't re-evaluating policy normalization & could lead to a USD rally in coming weeksAnother positive for the USD would be if the Brexit vote was 'remain'

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