0621 GMT - UBS thinks the Fed will undertake another 25bp rate hike at the December FOMC meeting, says economist Jonathan Pingle. The FOMC is likely to pass on raising rates at the October meeting, just as the Fed waited and evaluated events in June and July, he says. That would avoid raising interest rates six days before the U.S. midterm elections, he adds. UBS forecasts the Fed to hold in 2027 and lower rates at the June 2027 meeting. "We might be staring at a much more hawkish FOMC reaction function for the next four years compared to the last forty," Pingle says.