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*** /FED: RBC Capital Markets............>

US PREVIEW
US PREVIEW: *** /FED: RBC Capital Markets strategists note the Federal Reserve
"must hike twice in H1to maintain optionality." RBC posits dovish members (re:
Evans) "completely strips the committee of optionality." Barring unknown tail
events or a sharp reversal in domestic/global economic growth, RBC said "If the
base case is 3 but with symmetric risks (we'd say it's increasingly asymmetric
around 3 given tax cuts and robust economic momentum), they must hike in March
and June in order to have the option to go 4 times this year."

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