Deutsche Bank: Mixed Message. We expect the tone of the June FOMC statement to be mixed: Whereas the Fed can no longer definitively signal a July rate hike in the face of a possible labor market slowdown, it will also not entirely rethink its economic outlook. Therefore, as shown in the table below we expect only minor tweaks to the Summary of Economic Projections (SEP). Importantly, we do not expect the median interest rate projections for 2016 and 2017 to fall. The FOMC will likely emphasize that it continues to expect “additional strengthening of the labor market”, while noting that domestic demand appears to be ... (full story)