The 7-to-2 vote to cut rates with a bias towards a larger cut suggests MPC members do not accept the hawkish message in the forecasts. Decisions are concrete; forecasts change. We are taking a ...

Only one analyst penciled in a 50 basis-point cut. “In the near-term ... “Clearly the decision was an incremental hawkish shift, given the split vote” and the increased emphasis on the ...