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Analysts at Nomura noted that in the May FOMC minutes the Committee indicated that they expect to raise rates again at next month’s meeting.

Key Quotes:

“However, in our opinion, the minutes did not send a clear signal regarding what the Committee expects to do in the second-half of the year.”

“The Committee highlighted a number of risks to the outlook. Moreover, they continued to express some uncertainty about the resilience of inflation and inflation expectations.”

“It appears that the Committee remains divided on whether one or two additional interest rate increases will be needed in the second-half of this year.”