Fed Decision Likely to Have No Dissenters, JPM's Berro Says

• The bond market's 'relief rally' from the Iran deal is more muted than expected due to upcoming Fed meeting and other event risks.
• The Fed is anticipated to keep rates on hold and remove the easing bias from its statement, with a high likelihood of consensus among FOMC members.
• Oil prices are significantly lower, and US Treasury yields (2-year, 10-year, 30-year) are also down, reflecting a global relief rally.

The analysis discusses the bond market's muted 'relief rally' following the Iran deal, attributing it to the anticipation of the upcoming Federal Reserve meeting. The speaker expects the Fed to hold rates and remove its easing bias, potentially with no dissenters, despite recent inflation data and higher real yields.