FOMC meeting results will likely be:
Tapering very likely to be discussed and dismissed. UST market unlikely to see major moves. Soft recent data discourages a hawkish signal(inflation increase)until the FOMC has more clarity on growth and inflation. Expect Chair Powell to stress that all participants see tapering action as very premature. The 2021 forecast of core inflation is likely to rise. Rates on reverse repos (RRP) or overnight reserves (IOER) wont be raised at this meeting. Chair Powell will likely push back against the view that the rebound has come off the rails but not spook the market by completely ignoring data softness.
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