/APRIL FOMC REVIEW: Please see our email that...>

FED: /APRIL FOMC REVIEW: Please see our email that has just gone out, which

includes 19 sell-side takes on the meeting outcome, as well as a full transcript

of Powell's press conference.

- As expected by most, the April FOMC meeting proved fairly uneventful, and

prompted almost no changes to sell-side medium-term outlooks for Fed action.

- By unanimous consensus though, the statement and press conference leaned

dovish. Though there was no explicit adoption of forward guidance for rates to

remain at zero for a prolonged period, Chair Powell all but confirmed in the Q&A

that this was the FOMC's leaning.

- As Chair Powell noted in the press conference, the market expects us to be [at

the lower bound] for a good while, and that is appropriate" - at least until the

end of 2021, unchanged since pre-meeting, per MNI PINCH.

- Plenty of attention will be on the meeting Minutes released May 20, to gauge

the degree to which FOMC participants discussed/supported a more dovish official

forward guidance policy, perhaps coming at the June meeting which coincides with

new economic projections.