NY Fed survey: Several dealers see a lower probability of a third rate hike

The Federal Reserve Bank of New York recently published the results of its survey titled 'the Survey of Primary Dealers,' with the key quotes found below:

• Since the policy survey on June 5, some dealers characterized communication around the timing and nature of expected changes to reinvestment policy as clear and effective
• Several dealers indicated that communication regarding the inflation outlook had been less clear
• Several dealers indicated that they decreased the probability they assigned to a third rate hike occurring this year compared to the prior survey and several indicated that recent slowing in measures of inflation caused them to revise downward their target rate expectations
• Several dealers shifted later their modal forecast for the timing of the next increase in the target range from September to December