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1、 Trading ideas and investment strategies discussed herein may give rise to significant risk and are not suitable for all investors.Investors should have experience in relevant markets and the financial resources to absorb any losses arising from applying these ideas or strategies.Employed by a non-U

2、S affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securities does and seeks to

3、do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.Refer to imp

4、ortant disclosures on page 25 to 28.Analyst Certification on page 21.Price Objective Basis/Risk on page 20.12891488 Trading Catalysts Positive setup into Big Tech earnings and FOMC US Econ:Focus on Fed meeting This week the focus will be on the Fed meeting(Wed),for which the Fed has indicated that i

5、t will cut rates by 25bp to 3.75-4.0%.We expect the FOMC to announce an end to balance sheet runoff.No scheduled official data because of the govt shutdown but we will get a few regional manufacturing surveys:Dallas Fed(Mon),Richmond Fed(Tue)and Chicago PMI(Fri).Case-Shiller home prices(Tue)and Cons

6、umer Conf.(Tue)will also be published.We will watch the labor market differential as a gauge of labor demand.Equity Strategy:Good micro,weird macro Markets liked the CPI print,sentiment has improved and its hard to find an equity bear.But risks have emerged since September more tariff uncertainty,le