Summary of TD's call for FOMC: Tone will........>

FED: Summary of TD's call for FOMC: Tone will almost certainly remain quite

dovish, with no let-up in easing through balance sheet expansion.

- Statement: Forward guidance wording in the statement to largely remain intact.

- SEP: No tightening seen in rate dot plot through at least 2022.

- Press conference: Powell likely to strike balance between signaling dovishness

on policy and not sounding overly negative on the econ outlook, perhaps slightly

more emphasis on the dovish part.

- Interested in any guidance on what to expect from fwd guidance in the months

ahead (for QE and FF rate). Will it be linked to a minimum for inflation in

average infl targeting regime? When will it be introduced, when the review is

completed? When will the review be completed? Is YCC likely any time soon?

- Fwd guidance: FOMC wants more clarity on recovery before making major changes.

- QE: Fed likely to provide more guidance before long. Could come sooner than

new funds rate guidance, but either way requires more clarity on the outlook.

- YCC: By year-end to reinforce dovish forward guidance.