There will be more bank analyst reactions to the Federal Open Market Committee decision today to come.
This via ING, in brief:
- Fed believes uncertainties about the outlook have increased
- current economic situation has also been downgraded
- was "solid" in May to "moderate" today
- The tone of this statement is clearly suggesting that rate cuts are in the offing and markets are increasingly confident that the first move will be in July with three more probable over the next year.
- press conference … Powell … suggesting that the Fed will learn a lot in the near term - next week's G20 and associated trade discussions - and the Fed should not overreact to individual data points
