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

FED
FED: /THE MOST INTERESTING POST-FOMC COMMENTS (2/3): 
- CIBC: There's no way of knowing what those wanting lower interest rates were
expecting regarding tariffs and trade relations, or which of those FOMC members
are voters (apart from Bullard). So a cut at the very next meeting is not the
slam dunk markets now think.
- Goldman (1): It was noteworthy that the phrase "will act as appropriate" was
not qualified by the words "as always," as it had been in Chair Powell's speech
at the Fed conference in Chicago on June 4. This kind of language, unless
qualified, usually presages policy action.
- Goldman (2): We expect that the end of balance sheet runoff will be moved
forward by two months: July announcement, runoff halted in early Aug.
- Morgan Stanley: We place only a 50/50 probability that the Fed ends balance
sheet normalization early, given the mature stage the program is already in.
- UBS: We think the data will not support a cut, but there are many ways to be
wrong and the Committee is in risk-management mode. The FOMC does not see a
material difference between July and September cuts from macroeconomic grounds.

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