On tap for Wednesday: ADP private...>

US DATA PREVIEW: On tap for Wednesday: ADP private payrolls for December; NAR

pending home sales index; FOMC policy announcement (no rate change likely)

followed by press conference from Chairman Powell.

- Deutsche Bank economists said the ADP private jobs data (DB est: +175k) "will

anchor market expectations going into Fri's report from the BLS"...while the

partial government shutdown "should not have a noticeable impact on nonfarm

payrolls, but could put slight upward pressure on the unemployment rate."

- TD Securities expects the Fed to remain on hold in addition to conveying a

"patient, even cautious, data-dependent approach to policy but without nudging

markets in an even more dovish direction, given the gap between Fed projections

and market pricing."

- TD does "not expect any formal announcement" regarding the Fed balance sheet.

"We see a fairly small chance that the Committee has fully resolved the various

issues it has been debating over the past several meetings. However, we do see a

much greater chance that Powell hints that runoff could end sooner than commonly

expected. We look for an October conclusion."