A few sell-side outlooks for FOMC minutes: -....>

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.