The July meeting of the U.S. Fed’s Open Market Committee (FOMC) was expected to keep the federal funds rate range unchanged at between 1.00% and 1.25%. Markets were also on the lookout for some insight into the Fed’s plan to reduce its balance sheet which had been increased by a factor of five since 2009. The FOMC left the federal funds rate unchanged, as expected, “in view of realized (sic)...