Monday August 5 - Handicap, page-57

So far, investors are not buying Fed Chairman Jerome Powell's claim that the 25-basis-point rate reduction was a mere "mid-cycle adjustment to policy".Futures are now pricing in deeper cuts than before last week's Fed meeting. The terminal U.S. rate is seen at 1.22%, 93 basis points below the current effective rate.Analysts at TD Securities are forecasting no less than five more cuts from the Fed, amounting to 125 basis points of easing, over the coming year or so.