(1/2) Oct FOMC minutes (1400ET) expected to.....>

FED: (1/2) Oct FOMC minutes (1400ET) expected to reinforce messaging that the

Fed is satisfied the three 25bps cuts have delivered sufficient insurance for

now, eyeing 'material reassessment' of outlook as only impetus to change tack.

- Could be some insight about repo ops/balance sheet/framework review, but

expectations are mixed re likely dovish/hawkish market reaction. Some takes:

* Deutsche: "4 things to watch: what is meant by a material reassessment

[most-likely condition is evidence growth slipping significantly < potential],

how deep were the committee divisions on the October cut, status update on the

policy review, and possible new tools to deal with funding disruptions."

* WSJ: "Growing resistance to rate cuts...could infuse the written account of

the meeting with a so-called hawkish tone...An account of [the] videoconference

call Oct. 4 when officials discussed and subsequently agreed on a plan to

rebuild Reserves will likely be included in the minutes."

* BMO: "characterization of the outlook and odds of further cuts will be of

relevance in the event there is any departure from Powell's official stance.

Such divergence is unlikely, instead we'll be watching for directional nuances"