Human Readable Algo Questions - July 2020 FOMC

As usual we will be running our "Human Readable Algo" for today's FOMC
decision (1400ET). We'll publish the answers to these questions shortly after
the Fed decision is released. The questions that we have selected for this
meeting are:

- Interest Rate Paid on Excess Reserves (IOER):

- Does statement alter: "The Committee expects to maintain this target range
until it is confident that the economy has weathered recent events and is on
track to achieve its maximum employment and price stability goals."?

- Does statement alter: "over coming months the Federal Reserve will increase
its holdings of Treasury securities and agency residential and commercial
mortgage-backed securities at least at the current pace to sustain smooth
market functioning."?

- Does statement say the Fed plans to shift to buying more longer term
securities?

** For an full explanation of this, see page 4 of our FOMC Preview.