VIEW: BofA Research notes that the "Fed has.....>

FED: VIEW: BofA Research notes that the "Fed has been aggressive in addressing

macroeconomic and market functioning issues over the past two months. We do not

expect big changes in the near term, but doubt the Fed is done.

- "We see rising likelihood the Fed takes more action via market program and

monetary policy adjustments potentially beyond our existing balance sheet

projections. On market programs, we see risks the Fed tweaks existing programs

via lowering the rate on MMLF and CPFF, further expanding TALF collateral, and

allowing more flexible terms on the Main Street Lending Facility.

- "On monetary policy, we think the Fed's next likely easing steps may be yield

curve control (YCC) and enhanced forward guidance. These actions should further

ease financial conditions, depress US real rates, support our near-term long

duration bias, and tighten front-end swap spreads. We do not expect the Fed to

engage in negative rates or any equity market program in the near term."