Analysts at TD Securities are expecting the U.S. Fed to deliver its first rate cut in over ten years, with a 25bp reduction in the fed funds target range.

• “Given crosscurrents persist as a threat for the outlook and inflation remains subdued, we look for the Fed to leave the door open to further easing. We expect the statement to show modest, mark-to-market changes and for two of the FOMC voters to dissent.
• Separately, we'll also have the first look at employment data for July, with the release of the ADP jobs report; and further indication of manufacturing activity for July with the Chicago PMI.”