With plenty of Fed communications since the.....>

FED: With plenty of Fed communications since the April FOMC, few surprises

expected from the Minutes (out 1400ET), but a few things to watch for:

- IOER: How close were they to adjusting it, and what is their thinking about

managing the effective rate so close to the lower bound?

- Forward guidance: Was there any discussion on making it more dovish and/or

with more specificity on how long rates will be near zero?

- Negative rates: Chair Powell appeared to put the nail in the coffin on -ve

rate policy for the foreseeable future in appearances over the past week, but

could be interesting to see if it was discussed to any degree at the meeting

(given that Powell has since said it's "not something we're looking at").

- Potential future tools in the toolkit: e.g. was Yield Curve Control discussed?

- Dots: Some on the FOMC have mentioned that a June set of economic projections

may not be forthcoming given massive uncertainty potentially clouding the

message from any forecasts: was this addressed in April?