***/VIEWS: Bank Desk views following the........>

FED: ***/VIEWS: Bank Desk views following the release of the FOMC's May meeting

minutes:

BMO: The minutes provided no indication that members were getting antsy about

the upward drift in core inflation, which is largely attributed to transitory

forces holding down prices in the past. This reinforced the view that the FOMC

will tolerate at least some overshoot of its "symmetric" target.

BNP: The Committee looks to be shifting towards a more neutral policy stance

with rates moving near neutral, inflation at or above target, and potential

pressures building in the economy.

Citi: Overall the minutes were consistent with Citi Economics' expectations and

do not change our call for three total rate hikes in 2018 and three in 2019.

However, we now expect one of the remaining 2018 rate hikes, perhaps in June, to

be only a 20bp hike of IOER.

TD: A status quo policy stance was largely reinforced, which suggested recent

market pricing of more hikes than the March median dot for 2018 may have been

overdone.