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On tap for Wednesday: Wholesale.....>

US DATA PREVIEW
US DATA PREVIEW: On tap for Wednesday: Wholesale inventories, GDP second
estimate (3.6% est) and New home sales (576k est). The US Treasury will auction
$18B 2Y FRN and $32B 7Y notes.
- Barclays economists expect "Q3 GDP to be revised higher by a tenth, to 3.6%
q/q saar, in the second estimate" while they "forecast new home sales to have
increased 3.0%, to 570k, in October, after falling sharply the previous month."
- Morgan Stanley economists said despite higher mortgage rates "year-over-year,
we expect new home sales to finally rebound from these low levels in October.
Our forecast sees sales rising 7.6%, which would bring the pace of sales up to a
595,000 annualized pace."
- Meanwhile, US Federal Reserve Chairman Jerome Powell is expected to attend a
luncheon at the Economic Club of New York and may yield some headlines ahead
Thursday's minutes release.

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