MIdeaUSEconomics&GlobalMacroStrategy|NorthAmericaFOMCPreview:JulyMeetingMorganStanley&Co.LLCEllenZentnerChiefUSEconomistEllen.Zentner@morganstanley.com+1212296-4882GuneetDhingra,CFAStrategistGuneet.Dhingra@morganstanley.com+1212761-1445JayBacowStrategistJay.Bacow@morganstanley.com+1212761-2647SamDCoffinEconomistSam.Coffin@morganstanley.com+1212761-4630AndrewMWatrousStrategistAndrew.Watrous@morganstanley.com+1212761-5287MatthewHornbachStrategistMatthew.Hornbach@morganstanley.com+1212761-1837DiegoAnzoateguiEconomistDiego.Anzoategui@morganstanley.com+1212761-8573SarahAWolfeEconomistSarah.Wolfe@morganstanley.com+1212761-0857LenoyDujonUS/CanadaEconomistLenoy.Dujon@morganstanley.com+1212761-2779MorganStanleyMUFGSecuritiesCo.,Ltd.+ZuriZZhaoStrategistZuri.Zhao@morganstanleymufg.com+8136836-5466MorganStanley&Co.LLCJanieXueStrategistJanie.Xue@morganstanley.com+1212761-6051MartinWTobias,CFAStrategistMartin.Tobias@morganstanley.com+1212761-6076ZoeKStraussStrategistZoe.Strauss@morganstanley.com+1212761-0407InstitutionalInvestorGlobalFixedIncomePollisnowopen.Wehopeyouhaveenjoyedourresearchoverthepastyearandappreciateyoursupport.Requestyourballot.ConsiderableprogressoninflationallowstheFedtoinchclosertoratecuts.ChairPowellshouldemphasizeincreasedconfidence.WestillseeafirstcutinSeptember.Ourstrategistsmaintain2s20ssteepeners...
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