"Instant Answers" For July FOMC Meeting

Per our Fed preview, below are the Instant Answers questions we plan to release upon the publication of the July FOMC statement at 1400ET /1900UK on July 26 (including MNI Markets Team expectations in bolded text):

• Federal Funds Rate Range Maximum (expected: 5.5%)
• Does the FOMC change the sentence "inflation remains elevated"? (no)
  • If yes, does the FOMC add language noting inflation has moved down? [if “yes”, then “yes”]

• Does the FOMC change the phrase "in determining the extent of additional policy firming that may be appropriate"? (no)
  • If yes, does the FOMC remove the reference to additional firming? [if “yes”, then “no” or “N/A”]
  • If yes, does the FOMC say that rates are now appropriately or sufficiently restrictive? [if “yes”, then “no” or “N/A”]
• Does the FOMC refer to future "adjustments" in interest rates? (no)
• Number of dissenters favoring a looser rates policy (zero)
• Number of dissenters favoring a tighter rates policy (zero)