PIMCO: "The FOMC has essentially locked itself into a December hike"

Pacific Investment Management Company (PIMCO) is chuffed over the FOMC Minutes

it has taken 18 months, but the minutes released today make clear that the Fed has now converged to PIMCO's view, first developed at our May 2014 Secular Forum and revisited at the May 2015 Secular Forum, that monetary policy will be operating according to a new paradigm for the neutral policy rate for at least the next three to five years. We call this The New Neutral.

The brief piece from PIMCO is here

The conclusion ...

Barring any unanticipated market shocks, the FOMC has essentially locked itself into a December hike. Now its task is to ensure that market participants are ready and understand that this will be the most dovish rate hike ever.

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ps. Goldman Sachs have a similar take, h/t and thanks to Gordon Gecko in the comments