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

US DATA PREVIEW
US DATA PREVIEW: On tap for Wednesday: MBA Mortgage Applications; crude oil
stocks; FOMC policy announcement followed by Fed chairman Powell news
conference.
- After softer data, ANZ economists expect the "Fed meeting to produce a modest
downgrade to growth and inflation for 2019," mildly lower points on the dot plot
and some specifics over the balance sheet "given that many Fed officials would
like to see an end to QT later in the year." 
- TD Securities expect dots to show one rate hike in 2019 and "potentially no
additional hikes in 2020." TD also expects to see further details on size and
timing of balance sheet run-off either in the statement or at Powell's presser.
"Look for a neutral market reaction, as outright rate cuts are priced for 2019,"
TD adds.

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