/POST-FOMC ANALYST VIEWS SUMMARY: Most..........>

FED: /POST-FOMC ANALYST VIEWS SUMMARY: Most sell-side analysts who reviewed the

FOMC meeting (we have gone through 22 post-mtg notes) believed the Fed came out

with a dovish message that was - if anything - even more dovish than the market

had expected.

- It was certainly more dovish than most sell-side analysts had expected,

prompting several who had forecast no cuts in 2019 to revise their outlooks

(Goldman, UBS, Morgan Stanley).

- In fact, UBS and MS have gone from no cuts in 2019 to 50bps in cuts in July,

which is more aggressive than several other banks - the adage 'there is none so

pious as the recently converted' comes to mind.

- Most analysts did not change their view, though many noted that the risks of a

50bps near-term cut had been much elevated.

- Some took a much less dovish interpretation of the meeting's outcome,

particularly Scotiabank.