Easing labour market conditions mean the FOMC is set to vote for a 25bp cut next week, lowering the fed funds target range to between 4.00% and 4.25%, although a rare triple dissent in favour of a 50bp move could steal the headlines. We expect the new Summary of Projections (SEP) to show only a slightly faster and deeper pace of easing than before, leaving the projected interest rate path above market pricing.
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