September lift-off looking increasingly like a done deal

We don't anticipate any major changes from the Fed at next week's FOMC meeting, which concludes on Wednesday 29th July. With the Fed keen to stress that every meeting is "live" and that decisions are based entirely on the incoming data, we wouldn't expect any heavy hints that a September rate hike is coming, even though that is by far the most likely lift-off date. At most, it is possible that a reference to the "firming" of core inflation might be slipped in.