Here's our summary of 20 analyst FOMC...........>

FED: Here's our summary of 20 analyst FOMC previews reviewed by MNI:

- Each suggests there will be no change in policy enacted at the January 29-30

meeting (i.e. FFR, IOER, Balance Sheet reinvestment).

- The most common words used by analysts to describe the Fed`s likely tone are

`patience` and `flexibility` (and derivations thereof).

- Most expect forward guidance of `further gradual increases` to rates to be

amended, with an emphasis on greater flexibility depending on incoming data.

Most expect description of the economic outlook to be amended from 'strong' to

'solid' or something similar. A few expect description of risks to change from

'roughly balanced', though broadly seen as unlikely.

- No outright changes to Fed balance sheet reinvestment seen at this meeting,

with only a handful of analysts seeing potential for hints as to changes of

pace/maturity profile/final size of SOMA.

- Many expect Powell to reiterate that balance sheet policy is flexible.

- A few see an update to the Policy Normalisation Principles and Plans, to

enshrine the post-crisis rate-setting framework with large reserves.