FOMC preview - 'expect another dovish shift from the committee'

Wednesday May 1 brings the Federal Open Market Committee statement followed by Federal Reserve Chair Powell's press conference

Earlier previews:

Snippets from UBS' preview:

we expect another dovish shift from the Committee
both inflation and growth have substantively underperformed their expectations over the first few months of the year
Even with the dovish shift, the Fed maintains a hiking bias.

On the press conference, which will probably be of more interest:

Powell's prepared remarks for the press conference will likely focus on the Fed's patient stance of policy
We expect he will promise neither rate cuts nor hikes but state (repeatedly) that the Committee will conduct policy appropriately and as conditions warrant.
He has an opportunity to lean either dovish or hawkish in his comments. If he wants to communicate dovishness, he can refer to the unusual number of participants who saw no rate hikes in their outlook. If hawkish, he can discuss the substantial mass of dots that imply several more hikes in this cycle. We think the combined hit of exceptionally low inflation and true uncertainty over the economic outlook will induce him to tilt dovish in his comments.

Is another IOER cut in the offing? We think so.