LBBW's Karl Haeling said July 25-25 FOMC....>

US TSYS: LBBW's Karl Haeling said July 25-25 FOMC meeting mins "showed a lot of

concern about asset prices that were described as "elevated" from "notable" at

the previous meeting. But there was even bigger concern about the lack of

greater inflation."

- He added "most "observed that" the FOMC "could afford to be patient under

current circumstances in deciding when to increase the federal funds rate

further and argued against additional adjustments until incoming information

confirmed that the recent low readings on inflation were not likely to persist

and that inflation was more clearly on a path toward the Committee's symmetric 2

percent objective over the medium term."

- Haeling said this suggests "until inflation starts rising again, the Fed seems

unlikely to raise rates" more and "for the mkts, note that 59% of global money

mgrs are underweight bonds. The reach for yld should continue."

- He added there are "growing questions" on "business confidence" amid "intense

political controversy" on US Pres. Trump.