#FOMCMeeting FOMC Summary

1. Economy solid, labor market solid. Bad sentiment not showing up in data.

2. Wont cut until we have greater clarity about how tariffs will impact our dual mandate.

3. If downside materialises, we can move quickly as we showed back in Sep 2024 by cutting 50bp.

Bessent told us trade deals for 80/90% of countries will be done by end of the year. We wont have certainty until Q4. The idea of July cut only materialises if the data drops off the cliff!