Credit Agricole CIB Research previews this week's September FOMC decision.

"The Fed’s September rate decision is a very close call, as we see the upcoming FOMC meeting as a truly live one. Even if we have some sympathy for the arguments in favour of a hike, we continue to lean towards the Fed staying on hold once again, though we have about as little conviction in this view as possible, and even if the Fed does leave rates unchanged we would expect a hawkish tone that keeps rate hikes on the table at upcoming meetings," CACIB notes.

"We expect the statement to remain much shorter and more concise than it had been in recent years, in line with the first two meetings under Warsh...In the press conference, even if the Fed does not hike, we would expect Warsh to stick with the more hawkish tone of Jackson Hole, as this was much more favourably received than his July press conference," CACIB adds.