VIEW: Natwest Markets note that "coming into....>

FED: VIEW: Natwest Markets note that "coming into the year, we maintained our

long-held call for rate cuts in March and June. However, we now do not expect

rate cuts until summer (June and July). While the timing of additional action

looks delayed, we are not removing rate cuts from our forecast. We have long

believed that if growth looked to be falling short of the FOMC's 2% forecast

and/or inflation surprised to the downside and/or financial conditions were to

tighten, the Fed's views about the appropriateness of the current policy stance

could quickly shift. The coronavirus certainly raises the odds of the former two

"triggers" (slower growth, lower inflation) and possibly even the latter (should

the easing in financial conditions begin to reverse if the Fed doesn't cut

rates)."