JP Morgan has a quick preview of the FOMC meeting this week (statement due at 1800GMT on Wednesday 20 April 2015 ).

They're expecting a bit of fizzer ...

  • Say the meeting should be relatively 'uneventful'
  • No new conference scheduled after, no updates to the 'dots', no forecast updates .... hence JPM expect little change to guidance

What to look for:

  • "Most of the changes should come in the first paragraph of the statement, which describes incoming economic developments"
  • JPM, like BNP, expect that while the statement will mention the Q1 slowdown, it will be discounted due to transitory factors
  • The statement should repeat that an interest rate 'liftoff' will be data dependent

And, in summary (bolding is mine):

"On net, we think the statement's downbeat growth description will reinforce the sense that a June liftoff remains a very long shot. However, by not wavering too much on the forecast it should give the sense that the Committee expects a liftoff this calendar year."