SELL-SIDE CALLS: The April FOMC meeting is......>

FED: SELL-SIDE CALLS: The April FOMC meeting is seen as something of a

placeholder by the vast majority of the 29 sell-side analysts whose notes were

reviewed by MNI for this preview. There is no expectation of a policy rate move.

- Only 1 has a substantive policy change penciled in: Morgan Stanley expects the

Fed to announce a 'flexible-duration' Tsy buying policy worth $150/bln monthly.

- 6 of 14 analysts who expressed an opinion on IOER said they expect an upward

adjustment at this meeting (most of those who didn't say it is a close call).

- With rates at the effective lower bound, and broad consensus that there will

be no rate moves in the foreseeable future, we have changed the way we display

analysts' outlooks on the Fed. Instead of ranking analysts from most hawkish to

most dovish, we are providing summaries of their medium-term outlooks for Fed

policy moves, including any moves at the April FOMC in bold text.

- The most dovish explicitly-expressed rate outlook is Goldman Sachs: first hike

not until late 2023.

- Medium-term policy change expectations include: adoption of Yield Curve

Control (YCC), average inflation targeting, potential equity ETF purchases.