BoA ML on the Federal Reserve - a "50bp head fake"
Bank of America / Merrill Lynch says NY Fed Williams "unintentionally misguided the markets."
a "debacle in communication"
But, on the upside it has convinced BoAML analysts that there will be a 25bp cut.
"We suspect the FOMC was uncomfortable with the market moving toward a 50bp cut and wanted to push the market back to a 25bp baseline."
Yes, I think the Fed was indeed 'uncomfortable' with the perception the market took away from Williams' speech.