Scanning some of the overnight notes, this via DB (via CNBC)

  • "We anticipate 25 [basis] point rate cuts at each of the September, October, December, and January policy meetings"

On the trade war:

  • "If the conflict picks up, the U.S. risks zero rates and a mild recession"
  • expect economic growth to fall to below 1.5% by mid-2020, assuming the trade tensions between the U.S. and China ease or maintain the status quo

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Four cuts would make the Prez happy!

But … nah.