VIEWS: Bank desk views on the FOMC June.........>

FED: VIEWS: Bank desk views on the FOMC June meeting minutes:

- Barclays: The tone of the minutes was largely as exp., incoming data confirmed

the Fed's view that fiscal stimulus was supporting econ activity & progress

toward the dual m&ate warranted further gradual normalization.

- BNP: Overall, the June FOMC Minutes underscored our expectations that the FOMC

looks set to hike rates as long as the growth outlook remains positive with

rates likely to be near-neutral in the middle of next year. We think the Fed

will be quick to pause its hiking cycle if the outlook deteriorates.

- Nomura: The mins gave a more in-depth acknowledgement of the risks emanating

from trade pol, but provided little new info on the exp. path of MonPol.

- Rabobank: If the Phillips curve does not materialize before year end that

could erode the urgency of a 4th '18 hike. An escalation of the trade conflicts

would do the same & possibly more. Therefore, for now, we stick to our call for

3 hikes this year (Mar, Jun, Sep). As far as '19 is concerned, a continuation of

the Fed's "gradual hiking path" is increasingly looking like a MonPol mistake.

- TD: Incremental increase in concern re: trade & global backdrop is notable.