/MNI ANALYSIS: Fed Rate Cut Expectations........>

FED: /MNI ANALYSIS: Fed Rate Cut Expectations Shifting Quickly:

- Sell-side expectations on future Fed action have been shifting quickly over

the past few weeks, especially since the emergency Fed cut on March 3. We've

compiled the latest views from 32 analysts since that emergency cut, including

from four analysts who have made updates this week. Needless to say,

expectations are getting more aggressive.

- Consensus seems to be for 50bps of further easing, though a wide range of

views are out there. Notably, sell-side views are not as aggressive as market

pricing. As per Monday's MNI PINCH update, the market is pricing in 75bps in

cuts by the March 18 FOMC decision, with 100bps (to 0.00-0.25% range) in total

easing priced by the end of Q2. 

- See email that has just gone out to Policy/Analysis subscribers for full

details.