/THE MOST INTERESTING POST-FOMC COMMENTS........>

FED: /THE MOST INTERESTING POST-FOMC COMMENTS (1/3): 

- ABN AMRO: Given concerns over inflation, we do not believe a US-China truce or

preliminary deal would be enough by itself to stop the Fed from cutting.

- BofAML: If the FOMC cuts in July we fully expect the balance sheet unwind will

cease at that point; the Fed will not want to be seen as easing policy with the

fed funds target and tightening policy by reducing the balance sheet.

- BNP Paribas (1): While Bullard, likely the most dovish member of the FOMC, has

signalled his preference for cuts, solidarity with the Committee's decision in

the face of political attacks was expected. The dissent may embolden further

attacks that drive the perception of eroding Fed independence.

- BNP Paribas (2): The lower longer-run rate also plays into the Fed's framework

review, suggesting a lower structural level of appropriate rates and a shift to

price level targeting or a similar retooling, which we think will occur next

year and likely result in a further 25bp cut sometime in Q2 2020.

- Commerz: If Trump perceives the Fed as having triggered a recession through

overly restrictive policies, attacks on its independence are likely to increase.