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Barclays economist Michael Gapen said.......>

US VIEW
US VIEW: Barclays economist Michael Gapen said after the FOMC mtg minutes
release Wed that "we continue to expect an announcement on balance sheet
normalization at the September meeting and a third rate increase this year in
December, but we have reduced our subjective probability about a rate increase
later this year to about 50% (down from 60% previously)."

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