Analysts are weighing in today on Beijing-based search engine Baidu Inc (ADR) (NASDAQ:BIDU), business review site Yelp Inc (NYSE:YELP), and oil-and-gas issue Chesapeake Energy Corporation (NYSE:CHK). Here's a quick roundup of today's bearish brokerage notes on BIDU, YELP, and CHK.

• BIDU is smarting this morning, following an earnings miss, weak current-quarter guidance, and a resultant round of bearish analyst notes. Among the brokerages weighing in are Pacific Crest and Brean Capital -- which lowered their opinions to the equivalent of a "hold" from a "buy" -- and Piper Jaffray, which slashed its price target to $210 from $230. As such, Baidu Inc has plunged 13.5% at the open to trade at $171.25 -- a bigger-than-expected post-earnings move -- and skimmed a new annual low of $170.22. There's plenty more room for additional bearish attention, as 73% of analysts consider the stock a "strong buy," with not a single "sell" to be found. Similarly, BIDU's average 12-month price target of $242.96 represents a 42% premium to the current price.


• YELP is down 2.5% in early trading at $32.92, ahead of tonight's earnings release. Expectations are low heading into the event, with short interest soaring 43.2% during the latest reporting period -- and now representing 17% of the equity's float. In addition, Yelp Inc's rating was downgraded to "hold" from "buy" at Deutsche Bank, which also slashed its price target to $33 from $56. Of course, the shares haven't given the Street many reasons to be confident. YELP has surrendered roughly 40% this year, and earlier touched a two-year low of $32.55.


• Spiraling oil prices have crushed energy stocks, and CHK is no exception. Although the shares are 1.1% higher this morning at $8.48, they're down nearly 57% year-to-date, and hit a 12-year low of $8.11 yesterday. Earlier, Wunderlich weighed in on a number of energy names, including Chesapeake Energy Corporation -- reducing its price target to $13 from $24. Wunderlich isn't alone in its bearish assessment. Eighty-five percent of covering analysts have tagged CHK with a "hold" or worse opinion, while almost 30% of the stock's float is sold short -- representing nearly two weeks' worth of activity, at typical volumes.

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If you're a tech junkie, then you surely know Microsoft Corporation's (NASDAQ:MSFT) Windows 10 operating system is scheduled to debut tomorrow. Ahead of this event, MSFT is being showered with praise from several quarters.

Barron's featured MSFT prominently in its most recent issue from over the weekend. In an interview with Ariel Investments' Rupal Bhansali (subscription required), the money manager waxed optimistic on the blue chip. "We all love consumer staples for their stability. Microsoft is an enterprise staple; it's a must-have for a business," Bhansali said. "It has also moved from a license-based model to subscription-based, which means a big portion of it sales are coming from multi-year, recurring revenue. This stability has not come at the expense of growth."

A separate article touted MSFT shares, saying they could rise 50% over the next three years, due to the company's transformation into a power in cloud computing. "The stock is a good deal," according to the author. Later, he adds, "Microsoft has generated cash flow with the steadiness of a consumer-staples company, while paying plump dividends and gobbling up its own stock. A year from now, shares could fetch $55, for a total return of more than 20% including dividends."

More broadly speaking, the majority of analysts consider MSFT a "buy" or better, with only two doling out "sell" ratings. Also, less than 1% of the stock's float is sold short, suggesting a general lack of skepticism.

This enthusiasm isn't uniform, however. In particular, option players have expressed doubts, and massive front-month put accumulations at underfoot strikes could be supportive in the short term. An unwinding of the hedges related to these positions potentially feeds into the bullish case.

Moreover, while Microsoft Corporation (NASDAQ:MSFT) recently sold off on its latest earnings report -- which included a $3.2 billion net quarterly loss -- it maintained its footing atop the $44 level -- site of its post-bear gap highs in late February and early March, as well as its post-bull gap lows earlier this month. In addition, support from its 80-week moving average could push the stock up the charts.

U.S. stocks are modestly higher today, as traders digest the latest earnings reports and await a key Fed meeting. Among the companies about to step up to the earnings plate are alternative energy issue SunPower Corporation (NASDAQ:SPWR), mining name Cliffs Natural Resources Inc (NYSE:CLF), and social networking titan Facebook Inc (NASDAQ:FB). Below, we'll take the pre-earnings temperature of SPWR, CLF, and FB.

• SPWR will unveil its second-quarter figures after the close tonight. Over the past eight quarters, SunPower Corporation has averaged a single-session post-earnings move of 7.1%. This go-round, traders are expecting a slightly bigger swing, as the equity's near-term at-the-money (ATM) straddle suggests the options market is pricing in an 8.3% move. Speculators have favored long puts over calls during the past two weeks on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). The security's 10-day put/call volume ratio of 1.41 stands higher than 82% of all other readings from the past year, pointing to a bigger-than-usual bearish bias. On the charts, SPWR has added 1.4% today to sit at $25.47, but has spent the past month sliding beneath its 10-day and 20-day moving averages. The shares are also staring up at their year-to-date breakeven level of $25.83. 


• A rebound in commodity stocks has CLF flirting with an 8.8% lead at $2.61. However, the shares remain almost 64% lower year-to-date, and just touched a decade-plus low of $2.28 a week ago. Against this backdrop, short sellers have piled on, with these bearish bets now accounting for more than half of Cliffs Natural Resources Inc's total float. Likewise, the stock's 10-day ISE/CBOE/PHLX put/call volume ratio of 1.12 registers in the 80th percentile of its annual range. What's more, CLF's short-term option bears are paying up to place pre-earnings bets, as the security's Schaeffer's Volatility Index (SVI) is docked at an annual high of 120%. Historically, the equity has averaged a one-day post-earnings move of 7.3% over the past eight quarters. Option traders are pricing in a much bigger swing of 14.8% after tomorrow morning's release, per CLF's near-term ATM straddle.


• Finally, FB will follow sector peer Twitter Inc (NYSE:TWTR) into the earnings confessional, with the company set to report second-quarter figures after tomorrow's close. Over the past eight quarters, FB has averaged a move of 7.9% in the session subsequent to reporting. Expectations are in line with history, as the stock's near-term ATM straddle is pricing in an 8.4% swing. Option buyers have been stacking up their bullish bets ahead of earnings, as Facebook Inc's 10-day ISE/CBOE/PHLX call/put volume ratio of 3.17 stands higher than just 97% of all other readings from the past year. Short-term speculators are paying a pretty penny, too, as FB's SVI of 52% is docked at an annual high. Since touching a record high of $99.24 last week, FB has taken a breather. The shares were last seen 0.4% lower on the day, at $93.81.

Biotechs are in focus today, following earnings from a number of notable names -- as well as the latest round of news from headline-making Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA). Drilling down, specific drugmakers grabbing the attention of Wall Street today include Merck & Co., Inc. (NYSE:MRK), Pfizer Inc. (NYSE:PFE), and Gilead Sciences, Inc. (NASDAQ:GILD).

MRK reported better-than-expected second-quarter earnings and upped its full-year profit forecast amid growing demand for its diabetes and cancer treatments. Additionally, the company waxed optimistic over its $8.4 billion acquisition of Cubist Pharmaceuticals Inc, and said it bought cancer immunotherapy specialist cCAM Biotherapeutics. At last check, the security was up 0.6% at $57.35, after earlier bouncing from $56 -- an area that contained pullbacks in late October and mid-March.

Option traders, meanwhile, had been bracing for a post-earnings pullback. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Merck & Co., Inc.'s 10-day put/call volume ratio of 1.01 rests in the 81st annual percentile. Simply stated, puts have been bought to open over calls at a faster-than-usual clip in recent weeks.

Fellow Dow component PFE also unveiled its earnings report, with the firm's second-quarter results topping estimates. What's more, the company raised its full-year profit outlook, after global vaccine sales jumped 44%. The fundamental win has sent the shares 1.7% higher today to trade at $34.95. Longer term, PFE has tacked on 12.2% year-to-date, and is within striking distance of its April 13 10-year high of $35.53.

Similar to MRK, skepticism has been running high in PFE's options pits, per the stock's 10-day ISE/CBOE/PHLX put/call volume ratio of 1.23 -- in the 92nd percentile of its annual range. Plus, 63% of analysts still maintain a "hold" or "strong sell" rating on Pfizer Inc. Should the security continue its uptrend, a capitulation from option bears and/or a round of upgrades could help fuel its fire.

GILD -- which will step up to the earnings plate after tonight's close -- last night announced a pair of new additions to its senior leadership team. The stock initially swung 2.2% higher out of the gate, but was last seen up 0.7% at $111.28. Year-to-date, shares of GILD have added 18%, and after hitting an all-time high of $123.37 in late June, have pulled back to their rising 80-day moving average.

Call players have been flooding the equity's options pits in recent weeks. At the ISE, CBOE, and PHLX, Gilead Sciences, Inc.'s 10-day call/put volume ratio of 3.55 sits just 10 percentage points from a 52-week peak. Echoing this is the stock's gamma-weighted Schaeffer's put/call open interest ratio (SOIR) of 0.65, which indicates near-the-money call open interest outweighs put open interest among options expiring in three months or less.

Analysts are weighing in today on biotech Inotek Pharmaceuticals Corp (NASDAQ:ITEK), 3-D printing firm Stratasys, Ltd. (NASDAQ:SSYS), and analytics concern MicroStrategy Incorporated (NASDAQ:MSTR). Here's a quick look at today's brokerage notes on ITEK, SSYS, and MSTR.

• ITEK is 4.7% higher at $17.55 this afternoon, thanks to Piper Jaffray. The brokerage announced that it was elevating Inotek Pharmaceuticals Corp's price target to $29 from $9 and rating ITEK at "overweight," and waxed optimistic on ITEK's experimental glaucoma drug, trabodenoson. Shares of the biopharmaceutical company nearly tripled last week, after the firm said trabodenoson was entering late-stage trials. Currently, ITEK's average 12-month price target is $23, which is roughly 30% higher than its current perch.  

• Jefferies cut its price target on SSYS to $50, but maintained a "buy" rating on the stock. The new price target is still 37% higher than Stratasys, Ltd.'s current position at $36.48. Technically, SSYS is facing overhead resistance in the form of its 10-week moving average. This trendline has pushed the stock lower since late 2014, and it appears rather comfortable in its current resistive position. If the stock is looking for potential rally fuel, it can be found in the form of short interest, which is heavy ahead of SSYS' turn in the earnings spotlight Thursday morning. Currently, a sizable 27% of SSYS's float is sold short -- which would take more than 11 days to exhaust, at the stock's average pace of trading. 

• Our final stock for the day is MicroStrategy Incorporated, which is more than 15.7% higher at $206.67 -- and touched a 14-year high of $207.27 in the process. JMP Securities upped MSTR's price target to $230 from $210, and underscored  a "market outperform" rating, after the company reported second-quarter earnings and appointed a new Chief Financial Officer. The better-than-expected results were attributed to product revenues, which grew for the first time in three quarters. The stock has performed well of late, riding higher along support from its 10-month moving average since August 2013. An extended rally could trigger an unwinding of bearish sentiment in the option pits, as MSTR's Schaeffer's put/call open interest ratio (SOIR) of 0.57 is higher than 78% of the readings taken in the past 52 weeks.

For other stocks in analysts' crosshairs, read Analyst Upgrades: BlackBerry Ltd, PayPal Holdings Inc, and Teva Pharmaceutical Industries Ltd and Analyst Downgrades: Baidu Inc, Yelp Inc, and Chesapeake Energy Corporation.

Markets were mixed in Asia today, even as Chinese stocks saw their first gains in three days. Specifically, the Shanghai Composite jumped 3.4%, just two sessions after its worst sell-off in years. In Hong Kong, the Hang Seng added 0.5%. On the other hand, the Nikkei gave back early gains after manufacturing giant Fanuc offered a disappointing 2015 outlook; the Japanese index closed 0.1% lower. South Korea's Kospi also ended in the red, giving back 0.1% as drugmakers suffered heavy losses.

Stocks in Europe are struggling to pick a direction ahead of the Federal Open Market Committee's (FOMC) latest policy decision this afternoon. Traders are also digesting earnings from several prominent companies, with Barclays, Total, and Peugeot all on the rise after their quarterly reports. London's FTSE 100 and France's CAC 40 were higher at last look, with respective gains of 0.6% and 0.2%. Elsewhere, Germany's DAX is hovering just below breakeven, losing 0.02%. 

Analysts are weighing in today on drugmaker Gilead Sciences, Inc. (NASDAQ:GILD), sports bar Buffalo Wild Wings (NASDAQ:BWLD), and cybersecurity specialist FireEye Inc (NASDAQ:FEYE). Here's a quick roundup of today's bullish brokerage notes on GILD, BWLD, and FEYE.

• GILD is receiving a rush of positive attention, after the company blew past second-quarter earnings and sales expectations, and upped its full-year outlook. No fewer than seven analysts raised their price targets on the stock, with UBS setting the highest bar, at $138. However, J.P. Morgan Securities lowered its price target on Gilead Sciences, Inc. to $113 from $116. Ahead of the bell, the shares -- which settled at $113.07 yesterday -- are pointed 3.5% north, ready to add to their 20% year-to-date lead. GILD's bullish bandwagon is getting full. Twelve of 14 analysts rate the stock a "buy" or better, and its consensus 12-month price target of $124.47 stands in never-before-seen territory.


• The Street is cheering BWLD, as the restaurant chain's strong second-quarter same-store sales overshadow weaker-than-forecast profits. No fewer than five brokerages raised their price targets, with the most ambitious target of $220 courtesy of Cowen and Company. Buffalo Wild Wings has struggled in 2015, shedding 5% to land at $171.28 -- though it's poised to pop 9.2% this morning, thanks to the aforementioned drivers. The expected gap higher could have short sellers on edge. Over 13% of BWLD's float is sold short, representing more than one week of trading, at typical daily volumes.


• FEYE will not report earnings til tomorrow night, but that hasn't stopped Oppenheimer from boosting its assessment to "outperform" from "perform." The bullish note is well-deserved, considering the stock has soared almost 45% year-to-date to trade at $45.69, and recently flashed a bullish signal. FireEye Inc option bears could get burned. During the last two weeks across the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), FEYE has racked up a put/call volume ratio of 0.76 -- in the 98th percentile of its annual range. If the company has a strong showing in the earnings booth, an unwinding of all this pessimism could boost the shares. 
  

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Futures are pointed modestly higher this morning, as traders take a glass-half-full approach ahead of this afternoon's monetary policy update from the Fed. Meanwhile, among specific equities in focus are microblogging platform Twitter Inc (NYSE:TWTR), chemical concern Cytec Industries Inc (NYSE:CYT), and China-based e-commerce issue Alibaba Group Holding Ltd (NYSE:BABA).

• TWTR has a history of making big post-earnings moves, and it looks like today's price action will be no exception. The stock is down 11.6% in electronic trading, and could plumb all-time lows, as disappointing data on the company's user growth -- and a laundry list of challenges highlighted by interim CEO Jack Dorsey -- overshadows better-than-expected second-quarter earnings. Additionally, a number of brokerage firms lowered their price targets on the security. SunTrust Robinson, for example, cut its target price to $38 from $40, saying TWTR needs to prove itself, while J.P. Morgan Securities reduced its price target to $50 from $55, saying improved user growth will take time. Pivotal Research, meanwhile, bumped its price target up by $1 to $42 -- representing expected upside of 14.9% to last night's close at $36.54, and a move into territory not seen since late April.
  
  Today's projected move lower should please option traders. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Twitter Inc's 10-day put/call volume ratio of 0.49 ranks in the 90th annual percentile. In other words, puts have been bought to open over calls at a faster clip just 10% of the time within the past year.


• CYT is up 27.3% ahead of the bell -- and on its way to record-high territory -- after Belgium-based Solvay agreed to buy the firm in an all-cash deal valued at $5.5 billion, or $75.25 per share. On Tuesday, CYT settled the session at $58.39. Analysts, meanwhile, have taken the optimistic route toward a stock that's already up more than 26% year-to-date. Three-quarters of those following Cytec Industries Inc maintain a "strong buy" recommendation, with not a single "sell" to be found. Plus, the average 12-month price target of $65.60 sits above CYT's June 23 all-time high of $62.71.


• BABA has thrown the gauntlet at Amazon.com, Inc. (NASDAQ:AMZN), saying it will invest $1 billion into its Aliyun cloud computing division. The company hopes to expand its cloud reach in the Middle East, Singapore, Japan, and Europe -- and comes in the wake of last week's announcement that AMZN's successful cloud service helped it bank a second-quarter profit. On the charts, BABA has struggled in 2015, down 22.5% at $80.56 -- and is fresh off a July 7 record low of $76.21. Option traders have kept the faith, though, and at the ISE, CBOE, and PHLX, have bought to open 3.71 calls for each put over the past two weeks.

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Analysts are weighing in today on business review site Yelp Inc (NYSE:YELP), cloud concern Akamai Technologies, Inc. (NASDAQ:AKAM), and coal company Peabody Energy Corporation (NYSE:BTU). Here's a quick roundup of today's bearish brokerage notes on YELP, AKAM, and BTU.

• YELP has plunged 27.5% in early trading at $25.96 -- and hit a two-year low of $23.97 -- as the company's reduced full-year earnings outlook draws the ire of Wall Street. Specifically, Raymond James and Cowen and Company downgraded their ratings to "market perform" from "outperform," with the latter also slashing its price target to $25 from $55. In fact, 15 other brokerages lowered their price targets on Yelp Inc. This could be bad news for traders at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). During the last 10 weeks, YELP has accrued a call/put volume ratio of 3.44 -- higher than all but 1% of comparable readings from the previous year. An unwinding of this optimism could pressure the shares even lower.


• A second-quarter earnings miss and weaker-than-expected third-quarter forecast are weighing on AKAM. Adding insult to injury, Canaccord Genuity, Craig-Hallum, and D.A. Davidson each lowered their price targets. As such, the stock has opened at a 6.9% loss, trading at $68.59 -- below a recent level of support in the $69-$70 area. Over at the ISE, CBOE, and PHLX, traders have been betting bearishly on Akamai Technologies, Inc. The stock's 50-day put/call volume ratio of 0.53 rests near the top quartile of its 52-week range.


• BTU has charted a steady path lower since April 2011, pressured in recent months by its descending 20-day moving average. The downtrend is continuing this morning, with the stock off 2.5% at $1.18 -- after touching an earnings-induced all-time low of $0.99 yesterday. Weighing on Peabody Energy Corporation are price-target cuts at BMO (to $1 from $2) and Deutsche Bank (to $0.90 from $1.30). Amid this long-term swoon, short sellers have been piling on. Over 39% of BTU's float is sold short. Elsewhere on the sentiment front, two-thirds of analysts rate the stock a "hold" or worse.

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More bad news for Bill Ackman and his huge short position on nutritional supplements marketer Herbalife Ltd. (NYSE:HLF) -- the shares show no signs of slowing down. Today, in fact, the stock has popped 3.7% at $52.46, after a U.S. federal judge dismissed a lawsuit accusing the company of misleading investors.

Options traders, on the other hand, are welcoming HLF's advance. During the past 10 days at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock has racked up a call/put volume ratio of 1.80 -- with long calls nearly doubling puts. Also, this ratio ranks in the bullish 95th percentile of its annual range.

Of course, it's possible some of these speculators scooped up calls -- especially at out-of-the-money strikes -- to protect their short stock positions against a major upside move. After all, a lofty 28.2% of HLF's float is sold short, representing more than three weeks' worth of trading activity, at typical volumes.

Uncovered shorts, meanwhile, are likely reeling given the equity's technical tenacity. Year-to-date, HLF has soared more than 39%, and additional gains may be in store, with the company scheduled to report earnings after the close next Wednesday, Aug. 5.

Specifically, in the session following Herbalife Ltd.'s (NYSE:HLF) early May results, the stock exploded 16.5% higher. Moves of this magnitude are not usual -- over the past eight quarters, the shares have averaged an 8.6% swing in either direction, in the day subsequent to earnings. This time around, the options market is pricing in a 14% post-earnings move, based on near-term at-the-money straddle data.

Analysts are weighing in today on software provider Citrix Systems, Inc. (NASDAQ:CTXS), bakery chain Panera Bread Co (NASDAQ:PNRA), and IT security firm VASCO Data Security International, Inc. (NASDAQ:VDSI). Here's a quick look at today's brokerage notes on CTXS, PNRA, and VDSI.

• CTXS is up 9.3% at $76.09 -- and earlier touched a nearly two-year high of $76.70 -- after the company made a series of announcements. For starters, CEO Mark Templeton is retiring, as the company enters into an agreement with financial firm Elliott Management Corporation. On top of this, Citrix Systems, Inc. announced second-quarter earnings and a promising full-year outlook. Analysts have been quick to re-evaluate their positions. No fewer than six brokerage firms raised their price targets on the shares, with Baird upping its opinion to "outperform." The majority of options traders seemingly already had a bullish outlook. CTXS' Schaeffer's put/call open interest ratio (SOIR) of 0.72 is only 10 percentage points from an annual low. Plus, during the past 10 days at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought to open nearly four calls for every put. 


• After reporting second-quarter earnings and strong current-quarter same-store sales figures, PNRA was on the receiving end of some positive analyst attention. Both Barclays and Piper Jaffray raised their price targets to $215 and $208, respectively. The latter mark actually represents the stock's intraday -- and all-time -- high. On last glance, Panera Bread Co was 8.7% in the black at $203.18, and it could move higher if other brokerage firms decide to upgrade their opinions. Eleven of the 20 analysts tracking PNRA still say it's only a "hold" -- even though it's added roughly 34% in the past 12 months. 


• VDSI is the outcast of this bunch -- having an even worse day than Twitter Inc (NYSE:TWTR) -- with the shares last seen 20.6% lower at $21.07, and on pace for their largest one-day drop since October 2012. After a poorly received turn in the earnings confessional, VDSI has seen Dougherty lower its price target to $30 from $35. VASCO Data Security International, Inc. has already trailed the S&P 500 Index (SPX) by over 13 percentage points in the past 20 sessions, and is now on the verge of closing below its 10-month moving average for the first time since March 2014. This may have been the downside move short sellers were waiting for. More than 37% of VDSI's float is sold short, which would take over nine sessions for bears to buy back, at the stock's normal trading pace. 

For other stocks in analysts' crosshairs, read Analyst Upgrades: Gilead Sciences, Inc., Buffalo Wild Wings, and FireEye Inc, plus Analyst Downgrades: Yelp Inc, Akamai Technologies, Inc., and Peabody Energy Corporation​. 

By Howard Schneider and Michael Flaherty

WASHINGTON, July 29 (Reuters) - The U.S. economy and job market continue to strengthen, the Federal Reserve said on Wednesday, leaving the door open for a possible interest rate hike when central bank policymakers next meet in September.

Following a two-day policy meeting, Fed officials said they felt the economy had overcome a first-quarter slowdown and was "expanding moderately" despite a downturn in the energy sector and headwinds from overseas.

The central bank nodded in particular to "solid job gains" in recent months.

"On balance, a range of labor market indicators suggest that underutilization of labor resources has diminished since early this year," the Fed said in a policy statement that kept rates unchanged.

That language marks an upgrade in its view of labor conditions since its June meeting, when it said labor slack had "diminished somewhat."

The statement may strengthen expectations of a rate hike at the Fed's September meeting. The central bank has kept rates at a near-zero level since December 2008 as part of its effort to spur the recovery from the 2007-2009 financial crisis.

An eagle tops the U.S. Federal Reserve building's facade in Washington, July 31, 2013. REUTERS/Jonathan Ernst

However, the Fed didn't give a clear signal on its rate plan. Instead, it said it wanted to see "some further improvement in the labor market," and gain more confidence that low inflation will rise to its 2 percent medium-term target.

The policy statement also retained language saying that risks are "nearly balanced," suggesting the Fed is still more concerned about a new economic downturn rather than of rapidly rising inflation.

Central bank officials and market analysts have been waiting to see if weak growth in the first part of the year signaled the beginning of the end of an economic expansion, or merely a pause.

The verdict now seems firm.

Most economists forecast that U.S. economic growth will pick up after a lackluster first half and that the Fed will begin its monetary tightening in September, according to a Reuters poll published last week.

And Wall Street's top banks still target September as the most likely time for the Fed to begin its monetary tightening, according to another Reuters poll published earlier this month.

Though inflation remains weak, the statement portrayed an economy that continues to tighten, with a 5.3 percent unemployment rate and steady job creation.

With no meeting scheduled in August, the Fed will have two months of data to analyze before deciding whether to hike rates for the first time since 2006.

There were no dissents.

(Reporting by Howard Schneider; Editing by Paul Simao)

((howard.schneider@thomsonreuters.com;))