April FOMC outlook from JPMorgan: No major......>

FED: April FOMC outlook from JPMorgan: No major announcements expected, roll-out

of existing programs is Fed's focus.

- At some point FOMC will reassess its currently-vague forward guidance on rates

or discuss QE for the sake of monetary policy rather than liquidity provision,

but not a high priority now.

- Guidance on asset purchases will remain "in the amounts needed", with

fine-tuning weekly by NY Fed.

- Most of Fed's credit programs are authorised by the Federal Reserve Board, not

FOMC, so this meeting may not reveal details on MSLP etc.

- Statement: To reference support provided to the economy from new programs, and

repeat the "whatever it takes" message, while giving a brief survey of economic

damage but not a discussion of the outlook.

- IOER: Unchanged (appearance of raising rates now = awkward), but a close call.