Group 1 - Citibank maintains its expectation for a possible interest rate cut in September following the analysis of the Federal Reserve's June FOMC meeting minutes [1] - The FOMC meeting minutes reveal a divergence of opinions among committee members, with some supporting a rate cut as early as July, while others prefer no cuts this year, but a majority believe a cut later in 2023 is appropriate [1] - Current unemployment rate at 4.1% makes a July rate cut "extremely unlikely," with a slightly hawkish tone noted in the minutes regarding inflation risks from tariffs [1] Group 2 - Moody's downgraded the U.S. sovereign credit rating, but analysts from JPMorgan believe the impact on financial markets will be limited due to prior adjustments by bond index providers [2] - Despite a challenging fiscal outlook, Citibank's rate strategists indicate that the downgrade is unlikely to significantly affect foreign demand for U.S. Treasury securities [2] - Federal Reserve officials are reassessing the monetary policy framework in light of recent inflation performance and potential supply shocks, which may lead to adjustments in employment and inflation target strategies [2]