Data Enabled Fed Hold, not Political Pressure, but Investors Less Happy About Warsh

0527 GMT - There isn't any reliable evidence that political influence may have played any role in the Federal Reserve's most recent interest-rate decision, LBBW's Elmar Voelker says in a note. Rather, macroeconomic data from recent weeks created room to maintain a wait-and-see stance for the time being, the senior fixed-income analyst says. Among the data, Voelker refers most notably to the unexpectedly sharp decline in June inflation. "However, it seems to us that investors are now, to some extent, taking back the premature praise they had bestowed on [Fed Chairman Kevin] Mr. Warsh for his self-declared independence," he says. As a result, yields on very long-term U.S. Treasury securities rose post-FOMC, according to Voelker. The outcome is an additional push toward steepening the U.S. yield curve, he says.