Summary

• We expect the tone to turn more hawkish during today's Fed meeting, but Chair Kevin Warsh might also want to push a relatively more dovish agenda.
• Any dovish comments are likely to remain at a very high level, however.
• We'll also be listening for any concrete steps to shrink the Fed balance sheet, which has the potential to steepen global yield curves.

By Michiel Tukker, Senior UK & Eurozone Rates Strategist and Benjamin Schroeder, Senior Rates Strategist

Warsh has many unanswered questions outstanding

Kevin Warsh will make his entrée at today’s Fed meeting, which means we might get