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THE HEISENBERG writes: “Bad news, folks. The July FOMC minutes and comments from three regional Fed presidents all point in the same direction: Policymakers are, at best, not enthusiastic about the idea of bowing to pressure from the bond market and the White House on the way to telegraphing the onset of a prolonged, aggressive easing cycle. At worst, the Fed seems dead set against the idea of letting market pricing and presidential tweets force them into abandoning the “mid-cycle adjustment” characterization of the July rate cut.”

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