The Fed has kept rates on hold but, as NAB’s David de Garis explains, they have kept the door wide open for future rate cuts. Phil Dobbie asks him what the FOMC’s dot points tell us about the path from here. Next to go it’s the Bank of Japan, then the Bank of England. And New Zealand’s GDP growth for Q1 is released this morning too. Philip Lowe might have something interesting to say in a speech he is giving at lunchtime, called “The Labour Market and Spare Capacity”. Will he hint at how that spare capacity will influence the RBA’s rate path for the remainder of the year? Plus, whilst Boris Johnson continues his campaign to Number 10 Downing Street, he seems to be backing away from guarantees of a Brexit by the end of October. Managing expectations?