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Analysts at TD Securities are expecting the FOMC to deliver its first rate cut in over ten years, with a 25bp reduction in the Fed Funds target range.

Key Quotes

“Given crosscurrents persist as a threat for the outlook and inflation remains subdued, we look for the Fed to leave the door open to further easing. We expect the statement to show modest, mark-to-market changes and for two of the FOMC voters to dissent.”

“Separately, we’ll also have the first look at employment data for July, with the release of the ADP jobs report (mkt: 150k); and further indication of manufacturing activity for July with the Chicago PMI (mkt: 51.0).”