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

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

- Nomura (1): Powell noted the weakness in the May employment report "bears

watching." The emphasis on one downside surprise highlights the Committee's

sensitivity to keeping labor markets strong.

- Nomura (2): Chair Powell's comments were consistent with our view that balance

sheet run-off will end in early August.

- Nordea: With the median FOMC participant calling for unchanged rates, we are

slightly less convinced that rates will be cut in July. At least it will require

a further tightening of financial conditions or deterioration in trade war

expectations or downside surprises to inflation for the Fed to act in July.

- Scotiabank: During the press conference, Powell may have indicated that his

dot was likely in the two cut camp when he said developments prompted "a number

of us to write down rate cuts" and "a number of them have not." Thus, the

power-weighted dots indicate easing.

- Westpac: The change to the 2019 dots is notable given only Bullard and Evans

explicitly raised the prospect of rate cuts this year in recent speeches.