/Summary Of Sell-Side Analyst Expectations......>

FED: /Summary Of Sell-Side Analyst Expectations for May 1 FOMC (1/2):

- Based on MNI's review of 22 analyst previews for the April 30-May 1 FOMC, we

find no analysts expecting a move in the fed funds rate at this meeting.

- Instead, attention is being paid to potential changes in interest paid on

excess reserves (IOER), changes in the FOMC statement, and possible further

detail on balance sheet reinvestment.

- The broad expectation is for the policy statement to reflect an upgrade in the

FOMC's assessment of current economic conditions while acknowledging softness in

inflation data since the March meeting, and maintaining the term 'patient' with

regard to forward guidance.

- Of 9 analysts who expressed a decisive opinion on whether the FOMC would make

an IOER adjustment at this meeting, 3 expect a cut, while 6 expect no action.