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    Fed: Expect to see some downward shift in 2017 dots – RBC CM Sandeep Kanihama

    Adam Cole, Research Analyst at RBC Capital Markets suggests that their economists think Yellen’s June 6 speech preempted her post-FOMC press conference and that she will strike a similar tone today.Key Quotes“Yellen was remarkably balanced overall, particularly in light of the just-released disappointing payroll report. She specifically noted that the recent report notwithstanding the “overall labor market situation has been quite positive” and that “one should never attach too much significance to any single monthly report.”In the Summary of Economic Projections (SEP), we do not think they make any adjustments to the 2016 dots for fear of pricing out the vestiges of hikes priced in by the market. We do expect to see some downward shift in 2017 dots which would impact the average, but we do not envision enough of a shift to impact the median.”

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