No big hope from Fed meet; rate hike likely Jun-Jul: Ian Hui

No susbtantial expectation from Federal Reserve's meeting to be held on Monday, says Ian Hui, Global Market Strategist, JP Morgan Asset Management. It is expected to be a closed meeting and chances for a rate cut are negligible. The meeting was called to review and determine advance and discount rates under "expedited procedures" by the Board of Governors. The last such meeting was held in November 2015, before the first rate hike in several years, adds Hui. He also says that the meeting will focus on the US economy and Wall Street reforms and their action plan forward. Below is the verbatim transcript of Ian Hui's interview with Latha Venkatesh & Sonia Shenoy on CNBC-TV18. Latha: How serious is Fed's close door meeting. Why would they want it suddenly? This is reminiscent of November 20-21 meeting before the hike the December. Is this close door meeting important? A: I do not think this has that significant news. I think when we had the November meeting before the rate hike in December, around that time a lot of people already thought the December rate hike was going to appear. I do not think that these close meetings between Obama, Yellen, the Federal Reserve always significant impact on what is going on, but I do think they would focus on what is happening with the economy, what is happening with reforms, what is happening with the outlook and possibly also Fed\\'s communication on how they see the economy and how they see their action going forward because I do think some people feel that Yellen hasn't probably communicated as well as she to what the Fed feel about what is happening but I do not think that this should lead to an imminent rate hike at the coming meeting. Our view for the moment is still a rate hike later on in the June-July meeting. I do not think that is a signal of an imminent rate hike quite yet. Sonia: You do not expect anything substantial to come out of the meeting today and you do not think there will any talk on rate hike and nothing expected in April 26 meeting as well. What do you expect to hear from this meeting today? A: I do not think it will be that in detail and I do not think it will lead to a rate hike in April meeting especially after we got the Fed minutes just at the end of last week. I do not think that this meeting would cause the Fed to suddenly change their view. If anything that would confuse the market and take the market to react quite badly if Fed suddenly change its view just because of this special close meeting between Yellen and Obama, it would suggest some issues and how they communicate, it would be a problem.