BNY Mellon Americas head of strategy John Velis expects the upcoming FOMC
statement to explicitly flag two-way risks to short-term interest rates,
consistent with the three dissents at the late-April meeting. The Summary of
Economic Projections (dot plot) will be released; Velis anticipates the 2026
year-end median will drop the prior single-cut easing expectation that had
appeared in earlier cycles.
