eFXdata reports that Citi Research discusses its base case for the Fed policy trajectory over the coming months.

"Citi analysts now expect Fed rates to fall to zero lower bound (0 - 0.25%). In their base case, Fed cuts 50bp cut at the March 18th FOMC (to 50-75bp) followed by a 25bp cut at the April 29th FOMC (to 25-50bp) and another 25bp cut (to the 0-25bp ZLB) either intermeeting or at the June FOMC," Citi notes.

"Citi analysts though do not expect a US recession and expect a substantial reacceleration in global and domestic activity in H2. This makes hikes possible in 2021," Citi adds.