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On tap for Wednesday: ADP private...>

US DATA PREVIEW
US DATA PREVIEW: On tap for Wednesday: ADP private payrolls for February (+213k
last); December trade balance (-$57.2B); Mar help-wanted online ratio; Beige
Book for upcoming FOMC.
- Barclays economists expect trade balance "to have widened to $55.0bn in
December, from $49.3bn, driven mainly by a larger deficit on goods trade. We
already have the advance goods trade report in hand, which showed a widening of
the deficit by about $10.0bn, led by weak exports and solid import growth."
- Nomura economists "expect ADP to show a 170k increase in private payroll
employment during the month...consistent with our forecast for the February BLS
employment report."

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