April FOMC Reaction from Scotiabank, who........>

FED: April FOMC Reaction from Scotiabank, who reading between the lines of

Powell's comments and the lack of change in the statement's forward guidance,

suggests that there may have been some internal dissent.

- "Did some on FOMC lean more toward viewing this as a transitory shock while

others see it as much longer lived, hence they sawed off in the middle on a

pretty milquetoast form of policy rate guidance?"

- Also in minutes, "what potential further policy steps were debated and what

catalysts would be required? To what extent did we hear Powell's views today

versus the FOMC consensus?"

- According to Scotiabank, Powell "rightly emphasized" there are limits defined

within the Federal Reserve Act, and distinction between the power to lend and

the power to grand. "This is the latest reminder to put away those images of

helicopters buzzing about while dropping manna from heaven folks."