April FOMC reaction from TD, who focus on.......>

FED: April FOMC reaction from TD, who focus on potential future actions that

were hinted at even as the Fed took no action at this meeting:

- Hints of more dovish forward guidance on keeping rates near zero being

unveiled before long came through a few times in Q&A. Powell made clear that "we

are not going to be in any hurry to move rates up", suggested they will have

more specificity on how long rates are likely to be near zero "soon enough."

- The message appears to be that FOMC soon plan to make fwd guidance more dovish

including more specificity, potentially with average inflation targeting, an

Evans Rule, or yield curve control.

- Re IOER: If EFFR continues to drift lower in the near-term, Fed could still

decide to raise RRP in an upcoming meeting but the change could also happen

inter-meeting to help distinguish from monetary policy.