First, the Fed could insert a phrase that "the pace of job gains moderated." The Committee used a similar phrase in April to signal that a June liftoff was becoming less likely.
Second, it would probably keep the sentence that risks to the outlook are nearly balanced, but the Committee "is monitoring developments abroad."
"This would be an indication that overseas risks are still high in the Fed's view and the conditions for a hike (namely confidence that the 2% inflation objective would be met over the medium term) has not yet been met", says Societe Generale.


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