The doves have taken flight on Wall Street with expectations for continued easy monetary policy from the Federal Reserve soaring to new heights.
Respondents to the CNBC July Fed Survey now forecast just one rate hike this year, down from a 1.5 average in the June survey and nearly three rate hikes expected at the beginning of 2016.
The next hike, according to the 43 respondents, won't come until December, three months later than the previous forecast. The outlook for the Fed funds rate fell to just 60 basis points this year, 1.2 percent next year and 2.4 percent long term. The survey was conducted on Thursday and Friday.
"Brexit will keep the Fed from acting next week, and given the Fed's proclivity to keep rates unchanged before a U.S. presidential election, we won't see a rate hike until December at the earliest," Rob Morgan, chief investment officer of Sethi Financial Group, wrote in response to the survey.