First a preview from Nomura economists: The monetary policy statement released at the conclusion of the 16-17 June FOMC meeting should not have substantive changes. We expect the Committee to upgrade its assessment of economic activity, which it described as having slowed in the April statement. The FOMC will also release its summary of economic projections. We expect the Committee to lower its growth forecasts for 2015 given weak growth in Q1. There are some risks for the FOMC’s expectations for the target federal funds rate to be lowered for 2015, but we do not expect major changes for the long-run federal funds ... (full story)