This Is What The Fed Will Say Today (According To Goldman And Morgan Stanley)

With extensive, and increasingly complicated, analyses on how to trade the Fed today already floating around and making traders' lives even more miserable, here are two last minute simple cheat sheets on what to expect from the Fed's statement today.

The first one is a proposed redline of what the FOMC statement will look like today from Goldman, which as a reminder, is a hard contrarian to the prevailing Wall Street view that the Fed will turn dovish (no rate cut in July or any other month in 2019) yet even Goldman's Jan Hatzius expects the Fed to drop the "patient" designation, instead saying that "the committee is closely monitoring global economic and financial developments and is prepared to act as needed to achieve its objectives as informed by incoming data", with Jim Bullard will voting against keeping rates unchanged, opting for a 25bps rate cut instead.

Below is a similar take from Morgan Stanley, which however has a slightly more dovish take, one which adds the trigger words "material downside risk to the outlook" which will inform the algorithmic investing public that a July rate cut is all but in the bag.