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Ahead of tonight's FOMC minutes.....>

US DATA PREVIEW
US DATA PREVIEW: Ahead of tonight's FOMC minutes release at 1900GMT analysts at
Barclays expect the minutes of the January FOMC meeting to show a high degree of
consensus that US economic activity is solid. They also expect the minutes to
show that as many participants fear undershooting inflation as fear overshooting
on maximum employment, leaving risks to the outlook as broadly balanced. Last,
the minutes may feel somewhat stale in light of the recently passed Bipartisan
Budget Act of 2018 and expectations of a $1tn federal deficit in 2019.
- BNP Paribas expect the minutes to capture the sentiment to its upgrades, and
will be looking for its take on the drivers of the reacceleration in activity.
Their key focus in the minutes will be looking for clues as to whether "further
gradual increases in the federal funds rate" implies more rate hikes.
- RBC think there is a high probability that the Fed moves the dots to 4 hikes
in 2018 (from 3) near-term and that the minutes could be another step in
reinforcing this.

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