WSJ's July FOMC preview was published this......>

FED: WSJ's July FOMC preview was published this morning. Suggests that Fed

officials face three major deliberations at this meeting: 1) how long they plan

to keep rates at zero 2) whether to shift toward longer-dated purchases of

Tsy/MBS, 3) concluding the framework review. 

- Notes that officials "don't feel urgency to rush new plans out right now", and

have "already provided a measure of so-called forward guidance" via the June

FOMC's dot plot. For the latter, discussions are on how to tie guidance to

inflation and unemployment metrics.

- Overall tone is that action is far more likely at the September FOMC ("or

later this fall") than at next week's, particularly given regional resurgence of

COVID causing uncertainty over the economic trajectory.

- MNI's preview will be out next Monday, ahead of the Tues-Weds FOMC.