"We still think the Fed’s downwardly revised projections for economic growth and underlying inflation are too optimistic. With economic growth likely to remain below its 2% potential pace this year, we expect attention will soon turn to rate cuts. The markets are already pricing in one rate cut for 2020." -Michael Pearce, economist at Capital Economics
"In short, then, we think the Fed is overweighting the impact of the real, though likely temporary, slowing in manufacturing, and the chance that external forces will dampen emerging wage pressures. They might be right, but the balance of risks, we think, points to an about-turn later in the year, and rate hikes coming back onto the agenda." -Ian Shepherdson, chief economist at Pantheon Macroeconomics
"Based on these rather benign projections from the FOMC, our outlook for accelerating core inflation at the end of this year and into next year will likely catch policymakers by surprise, and should push them back into hiking mode, in our view. We expect the Fed to hike next in December." -Ellen Zentner, economist at Morgan Stanley