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China Repo Rates Diverge On Friday

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FED: A few sell-side outlooks for FOMC minutes:
- Citi looks for "little debate on policy rates and commitment to use balance
sheet proactively... may also elucidate underlying assumptions about the
public-health scenarios implicit in their forecasts... more interesting will be
indications regarding forward guidance and yield-curve control [likely in Sep].
With some Fed programs only having become operational after the June meeting, it
would be too early to expect much discussion of the balance sheet."
- BofA expects tone of minutes to "be cautious and focus on other tools
available to the Fed if the output gap remains large for a long time as the
recovery hits roadblocks", also likely there was "discussion about the appeal of
a short term YCC which could be used to support the ZLB policy".
- Deutsche expects a "cautious tone", discussion on YCC/fwd guidance, and status
of the policy review.

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