Brexit result added to the fog surrounding Fed policy - BBH

Research Team at BBH, suggests that the Brexit result has added to the fog surrounding Fed policy. 

Key Quotes

“Most had expected the Brexit vote to fail, allowing the Fed to resume hiking rates at the July 27 FOMC meeting.  Instead, markets have now adjusted Fed expectations the other way, with the August Fed funds futures contract pricing in chances (albeit rather low chances) of a cut in July rather than a hike.  Tonight, the Fed’s Powell speaks, and it will be hard for him not to address the Brexit vote.”