BOFA ON POWELL/FOMC Powell is unlikely to give guidance beyond this meeting due to limited official data and the labor-consumption mismatch. The statement may note a “solid” rebound in activity. Possible dissents: Miran (50bp cut) or a hawkish dissent from Goolsbee/Schmid. QT will end immediately. Powell’s press conference may focus on consumer-labor data divergence, with market reaction depending on how he interprets consumer strength. Expected future cuts: Oct, Jun, Sep, and Dec 2026. GOLDMAN SACHS ON FOMC Markets may focus on how close the FOMC sees itself to neutral policy, with QT being key. There’s a strong case for ending QT at this meeting. Future rate cuts: 25bp in Oct and Dec, and two more in 2026 to reach 3–3.25%. JPMORGAN ON FOMC A rate cut next week is widely expected, as even hawkish Fed speakers haven’t challenged the market view. The statement will be mostly unchanged—economic activity remains solid, but job growth is slowing and inflation elevated. Miran may dissent for a 50bp cut; QT will end immediately. Powell will frame easing as risk management, giving no guidance on December. Future cuts: 25bp in Oct, Dec, and Jan.(*Walter Bloomberg)