*** Minutes from the March 19-20 FOMC are.......>

FED: *** Minutes from the March 19-20 FOMC are released at 1400ET/1800GMT.

- Reminder: the FOMC lowered growth forecasts and removed the two rate hikes it

had seen by end-2019, while calling an end to balance sheet runoff in September.

- Sell-side analysts consensus is that there will be little new in the minutes,

given the fairly consistent post-meeting Fed speakers` emphasis on a patient,

data-dependent approach. But there are a few interesting points to watch for:

* Balance of risks to the inflation/economic outlook, and what conditions it

would take to end the neutral/patient stance (i.e. inflation and growth data)

* Any discussion of rate cuts

* Balance sheet discussion: any clues on asset duration, potential `twist`

* On liabilities side, any assessment of reserve scarcity. Note that FOMC likely

saw results of February Senior Financial Officer Survey at the March meeting,

which would include indications of reserve demand / management at banks. Results

of this survey are likely to be released alongside Minutes

* Any discussion of whether participants believe the market may misinterpret

changing balance sheet policy