• The main event is the FOMC meeting. We expect the key sentence that the FOMC can be patient in beginning to normalize the stance of monetary policy to be omitted from the statement. This will mark the final transfer from calendar-based guidance on monetary policy to data-dependency. 
  
  
• We expect Norges Bank to cut interest rate by 25bp to 1% and present an interest rate path showing a 50/50 chance of a further cut. 
  
  
• In Japan the most important event is the Bank of Japan meeting on Tuesday. Additional easing measures are in our view very unlikely. 
  
  
• In the UK focus is on the March release of the labour market statistics and the minutes from the MPC's February meeting. We expect that the MPC voted unanimously (9-0) in favour of keeping the Bank Rate unchanged at 0.50%. 
  
  
• We expect the Swiss National Bank to keep its 3M Libor target unchanged.