BofA Merrill Lynch said the Fed cut rate by 25bp to a range of 1.75-2.0%, as expected. The dots showed that the median expectation was for no further cuts but the distribution showed a divided committee as many FOMC officials were expecting another cut while others were looking for a hike next year.
Fed Chair Powell tried to keep options open in the press conference, noting that the Fed will watch carefully and that "eyes are open" regarding the need to cut further.
BofAML continues to believe that the trade war will escalate further and that US economic data will soften, prompting the Fed to cut further. It does not think that the Fed is done.
19/09/2019 18:01
{I-bank focus}BofAML expects Fed to cut further on weak data
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