Analyst: Focus turns to how Powell responds to internal divisions

Jersey, the analyst, said that the two Fed officials' dissenting votes were not surprising, and the change in language from "robust expansion" to "somewhat slower" in the statement was also in line with our expectations. Powell's press conference could pave the way for a rate cut in September, which could lead to a small shift in the median interest rate forecast in the dot plot. If such a signal is released, short-term yields are expected to fall back to recent lows. At a later press conference, Powell will be asked whether the two officials' dissenting votes mean that more members are turning dovish. The key point to watch is whether he will actively mention this disagreement in his opening statement, and how he will characterize this divergence in policy stance.