Fed unlikely to signal a move in either direction

We doubt that the FOMC's upcoming two-day meeting, which concludes on Wednesday 25th April, will throw up any major changes. The minutes from the last meeting revealed little appetite among Fed officials for a new round of asset purchases. The weaker than expected March non-farm payroll figures won't have dramatically changed that assessment. The Fed's best option is to stay on the sidelines waiting to see which way the recovery breaks.