Summary of Wells Fargo's call for FOMC..........>

FED: Summary of Wells Fargo's call for FOMC. Watching the longer-run dot; Fed

could achieve some objectives implicitly, not explicitly:

- SEP: Likely to signal no change in FF rates through at least 2022. Perhaps

more important is the longer-run dot and GDP to see temporary vs permanent

ramifications of COVID shock. If longer-run dot falls >50bps, could be a

material form of forward guidance.

- Fwd guidance: Is the FOMC ready to commit today to keeping the fed funds rate

at zero until the second half of the 2020s? Rather than provide explicit forward

guidance, could implicitly signal that the fed funds rate is unlikely to

increase through at least 2022 through changes in the dot plot.

- YCC: Current conditions do not signal immediate need. FOMC to allow time for

new facilities to help the flow of credit before considering YCC. Could instead

tailor asset purchases to achieve this goal if necessary (i.e. buying 10Yr if

that part of the curve shifts), could be done without much fanfare.

- QE: Do not expect asset purchases to be addressed directly in any of the

released documents.