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Chair Powell seems to be playing off the June...>

FED
FED: Chair Powell seems to be playing off the June FOMC hymn sheet rather than
emphasising decent data in the interim, doubling down on 'since May meeting,
crosscurrents have re-emerged'. Certainly, not pushing back on July cut
expectations.
- July 50bps cut expectations creep a little higher.
- CME Fedwatch for Jul FOMC: Hold 0% (4% prior to Powell text), 25bps cut 94%
(96% prior), 50bps cut 6% (0% prior)
- For Dec 2019: 25bps in cumulative cuts 14% (18% prior), 50bps cuts 41% (43%
prior), 75bps cuts 35% (31% prior), 100bps cuts 10% (7% prior), 125bps in cuts
0.3% (0% prior)
- Full testimony here:
https://www.federalreserve.gov/newsevents/testimony/powell20190710a.htm

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