A few snippets from the bank previews, just the main points:

Barclays (June 13 dated note) says that risk is skewed toward the Fed surprising to the dovish side

  • "If the Fed intends to deliver rate cuts before the end of the year, it might as well cut now"

JPMorgan (June 14 note)

  • Fed will "communicate an easing bias"
  • "without signalling a July ease as a foregone conclusion"

Westpac:

  • While mindful of the risks, as this threat to growth has only just started showing up in business investment, and given the consumer remains on a strong footing, we believe the Committee will limit the scale of its June revisions and try to buy time.
  • We do anticipate rate cuts, but only two rather than the market's four, and likely not until September (then December)

Earlier previews: