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FOMC minutes seen as dovish – TDS Pablo Piovano

Analysts at Rates, FX and Commodities Strategy at TD Securities expect the tone from next week’s FOMC minutes to be biased towards the dovish side.Key Quotes“The dynamics underpinning Fed policy have been overtaken by the post-Brexit events, making the June FOMC minutes somewhat stale”.“Nevertheless, we expect the tone to be dovish, reflecting a greater awareness among Fed officials about the negative feedback loop from global events”.“We also look for an increasing acknowledgement of the persistence of the structural headwinds constraining growth, which has underpinned the dovish revisions to the projected policy path”.

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