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Morgan Stanley lowers its Fed funds.............>

FED
FED: Morgan Stanley lowers its Fed funds forecasts, now expecting 25bps
reductions in September and October (previously had expected a cut only in Sep).
- MS says the 3M10Y spread inversion suggests the stance of policy is too
restrictive, while trade's "simmer" has begun to boil.
- By end-year, MS sees 10-Yr yields at 1.60%, with market pricing in between 3-4
more cuts in 2020.

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