More analysts on Powell speech: ** BMO: One.....>

FED: More analysts on Powell speech:

** BMO: One line which caught our attention was "We have not seen unsustainable

borrowing, financial booms, or other excesses of the sort that occurred at times

during the Great Moderation, and I continue to judge overall financial stability

risks to be moderate."

- This speaks to the notion the domestic situation remains fine for now, so 75

bp (i.e. 90s style) of insurance cuts continues to be the most likely outcome.

** Commerzbank: All in all we think the speech supports our view that the Fed is

gradually adjusting monetary policy rather than massively easing it.

- Powell set the table for a second rate cut by 25bps in September while leaving

the door open for additional cuts, if necessary.