Some sell-side notes on Jan FOMC minutes........>

FED: Some sell-side notes on Jan FOMC minutes (1400ET/1900GMT). Most focus on

potential commentary on liquidity ops, framework review, and coronavirus impact:

- Barclays: We expect the Jan. FOMC minutes to show that most members felt that

policy was set appropriately in light of the outlook for progress toward the

dual mandate. We expect the discussion to be tilted in the direction of

assessing conditions in short-term funding markets and to what degree softness

in the effective federal funds rate was driven by Fed liquidity provision

through repo operations and Treasury bill purchases.

- Deutsche: Discussions around the policy review a focal point. Given Powell's

discussion of the coronavirus at the press conference, there may be information

in the minutes about the Board staff's insight into the economic impact.

- BMO: We'll be particularly attentive to any discussion or indication around

how seriously the FOMC is considering expanding the parameters of the reserve

management purchase program to include short coupons (< 12-mo to maturity).

- Citi: We don't expect these to be market moving, but will look for continued

analysis of downside risks to economy/ any commentary on liquidity plans.