On tap for Thursday: Weekly.........>

US DATA PREVIEW: On tap for Thursday: Weekly claims (220k est), Personal income

(0.4% est) and current dollar PCE for October (0.5%), NAR pending home sales

index. FOMC minutes and Chicago Fed president Evans.

- Morgan Stanley economists said "upside in Oct avg hourly earnings along

w/uptick in avg wkly hours points to...strong gain in wages and salaries

boosting personal income, which we see rising 0.4% in Oct." On spending, retail

data point to "solid month for nominal personal consumpt'n", MS est's 0.4%.

- Since the Nov FOMC, Societe Generale notes mkt exp's of 3 25bps hikes in '19

"have tumbled sharply" (appr 73% to near 45%). The rapid scaling back of Fed

hike expect'ns is said to have been due in part to more dovish Fed-speak in last

2 wks. However, in our view, this is a misread of Fed officials' comments."

SocGen recommends "fading dovish re-pricing of rate hikes."

- TD Securities expect Fed Chair Powell "to remain cautious but still upbeat on

the US outlook, which should be hawkish given recent market pricing (now one

fewer hike in 2019). The November FOMC minutes should sound even more

optimistic, but likely be dismissed as old news."