(2/3): Nomura (3): Minutes may include more.....>

FED: (2/3): Nomura (3): Minutes may include more information on FOMC

deliberation on 1) long-term target for Fed asset composition (i.e.

'neutral'/'shorter' duration), 2) how quickly the FOMC wants assets to move

toward that target.

- RBS NatWest: Not expecting much new information to be revealed, with most FOMC

speakers since the meeting being consistent with 'wait-and-see' message. One of

the more interesting aspects may be the degree of concern re downside risks to

the inflation outlook.

- Scotiabank: Watch particularly for two considerations. 1) Possible we hear

officials saying market have misinterpreted the intent of their recent policy

actions, i.e. `several` participants who stated that slowing Tsy rdemptions

`could be misinterpreted as a signal about the stance of monetary policy`.

- Scotiabank (2): Further perspectives on how FOMC consensus thinks about

potentially twisting the curve through altering duration of Tsy portfolio

(Philly`s Harker and Boston`s Rosengren have made remarks on this topic).