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On tap for Wednesday: MBA...........>

US DATA PREVIEW
US DATA PREVIEW: On tap for Wednesday: MBA Mortgage Applications; Redbook retail
sales; Dallas Federal Reserve Bank President Rob Kaplan moderated Q&A at the CFA
Society of Houston. Jan 29-30 FOMC minutes release rounds out the session.
- After much communication from Fed speakers over the last couple weeks, RBS
NatWest economists aren't expecting "that much new information on the outlook,
although any further discussion regarding the balance sheet unwind will be of
particular interest."
- Nomura economists said "it will be interesting to see the distribution of
participants that continue to expect rate hikes this year if risks dissipate and
the base case economic outlook materializes. However, with the Fed effectively
on hold with respect to policy rate increases, market attention should shift to
the balance sheet."

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