Merrill: “The Fed cut is on for July”

A few excerpts from a Merrill Lynch research note: The Fed cut is on for July Fed Chair Powell delivered a dovish testimony, hinting strongly at an upcoming cut. We now expect a 25bp cut at the July 31st meeting followed by two more cuts at the next two meetings. We are sticking with our forecast of a cumulative 75bp of easing … The Fed …

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