Big Banks Struggled With Fed Communications.....>

FED: Big Banks Struggled With Fed Communications Ahead of July FOMC (WSJ)

- As the Federal Reserve prepared to implement its first interest rate cut in

over a decade, many of Wall Street's biggest banks weren't happy with the story

officials were telling markets.

- A majority of primary dealer banks told the New York Fed in a survey done

ahead of the July 30-31 Federal Open Market Committee that central bank

communications were on the ineffective side.

- The survey, conducted July 17-22, found that 15 of 24 banks rated Fed

communications as "ineffective" or close to that level, compared with eight who

rated the communications effectiveness at the midpoint between ineffective and

effective. The survey was released Thursday.

- "Several dealers indicated that they found communication confusing, and

several characterized communication from various Fed officials as inconsistent,"

the New York Fed report said.

- Link: https://tinyurl.com/y22rlfnb