### POV, "PROFESSIONAL" ESTIMATES...>

US DATA PREVIEW: ### POV, "PROFESSIONAL" ESTIMATES VS. WHISPER NUMBERS

- Wednesday's ADP, Bbg survey est is +190k vs. +235k prior release (whisper is

+218k).

- Friday's Nov NFP, Bbg survey est is +197k vs. +261k prior (whisper +230k)

while MNI estimate is +200k at moment. Fri's NFP reflects "clean" reporting

period, first time in 3 months (no hurricane effect). 

- How much do this week's employment figures matter in the short term (through

year end), however, at least in terms of Fed policy? Not much, really, with even

a significant departure from the mean unlikely to unseat market pricing in a

certainty of a hike at next week's Dec 13 FOMC (100%, MNI PINCH). Perhaps

ironically, the Nov employ read matters more for a set-up on policy tone into

2018 with the probability of a hike at either og the Jan or March FOMC meeting

at 61.1% to 69.3% respectively.

- Current short-term tactical focus is more on position squaring in futures and

options ahead Friday's debt limit -- recent risk-off flurry on back of wires

reporting House Rules committee wil not meet on interim spending bill today.