LBBW senior fixed-income analyst Elmar Voelker said investors will focus on the
number of dissenting votes in the Fed’s Wednesday policy decision. He sees as
many as three dissents — citing a similarly sized camp that opposed the Fed’s
dovish forward guidance in April — and warned that a unanimous decision to adopt
a wait-and-see stance would be an unexpected positive for bonds and would
undermine market pricing that a September rate hike is almost certain.
