Reminder - we will be running our "Human........>

FED: Reminder - we will be running our "Human Readable Algo" for the FOMC

decision (1400ET). We'll publish the answers to these questions upon release of

the Fed decision.

- The questions that we have selected for this meeting are:

- Does the statement alter the sentence: "The Committee expects to maintain this

target range until..." If yes, does it add specifics on econ conditions and/or

imply Fed will maintain 0 rates for longer compared to Apr?

- Does the Fed set an interest rate cap or rate target on any part of the yield

curve (other than the FFR)?

- Does the Fed announce a QE program?

- Does the Fed include an alternative set of forecasts in the Summary of

Economic Projections?

- End-2022 And Median Longer Run Projection of Fed Funds Rate?

** For an full explanation of this, see page 3 of our FOMC Preview.