Of most interest was the refreshed 'dot plot', which pointed to a median expectation for 25bp of cuts this year, a hawkish revision compared to the 75bp of cuts in 2024 that had been signaled in the previous dots, from March...
Nevertheless, the 'dots' remain finely balanced, with 8 of the 19 policymakers seeing two rate cuts this year...
Focus, naturally, now shifts to Chair Powell's press conference, where Powell is likely to 'stick to the script' of recent remarks...
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