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April FOMC outlook from Wrightson ICAP: -.......>

FED
FED: April FOMC outlook from Wrightson ICAP: - Fed's focus is on near-term
market functioning, so doubt it is ready to commit to a longer-term framework at
this stage.
- Press conference: Expect Powell to leave the outlook for Tsy purchases
open-ended, may indicate that the Fed will continue to evaluate the need for
purchases on a week-to-week basis for now and leave large decisions (about
QE/yield curve control) for a later meeting.
- Future action: If Powell leaves larger decisions for later, we expect the Fed
to continue to lower purchases in the weeks ahead. 
- No assumptions about the pace of Fed purchases in FY 21. Balance sheet
strategies that seemed compelling in concept a couple of months ago may be seen
in a different light today.

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