U.S. Desk Strategy Market Views

Statement Recap (Neutral): After a skip in June, the FOMC voted unanimously to raise rates by 25bps to a target range of 5.25-5.50%. Minor upgrade to the economic outlook from a “modest” to “moderate” pace in activity.

Presser Recap (Neutral to slightly hawkish): Based on our assessment, the tone during the Q&A was in line with our expectations – it was largely a neutral message with some hawkish signals more so than dovish signals.