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NatWest Markets economists Michelle.........>

US VIEW
US VIEW: NatWest Markets economists Michelle Girard and Kevin Cummins said on
their Fed call expect the "balance sheet announcement in Sept. and hiking to
resume in December."
- They added that "market participants are waiting for Yellen's speech at
Jackson Hole on Friday (10AM EST). The title of her speech is "Financial
Stability". We think this choice of topic is notable." They said that in FOMC
minutes released last week, "policymakers spent much more time at the July
meeting discussing recent developments in financial market conditions and
financial stability than they did in June."

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