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April FOMC outlook from NatWest Markets: Not....>

FED
FED: April FOMC outlook from NatWest Markets: Not much in new programs/policy,
but could be some fine tuning.
- Will make announcement on QE and at what monthly pace of purchases
($100bln/month).
- Expect some discussion around forward guidance or further tools, such as YCC
(at least, Powell to be asked about that in the presser).
- IOER: Could be hiked, but unnecessary.
- Future action: Fed will continue to provide support for Tsy in coming
quarters, but to a much lesser extent as they settle in to a more traditional,
stimulus-focused QE program, as opposed to the emergency liquidity intervention
in March and early-April.
- Currently pencilling in an open-ended style purchase program of $100bn a
month, tapering off by H2 2021.

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