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The week ahead should be............>

US DATA PREVIEW
US DATA PREVIEW: The week ahead should be relatively quiet with the Federal
Reserve entering it's self imposed blackout period that started at midnight
Friday, December 7 and runs through December 20, the day after the final policy
announcement for the year.
- Data-wise, CPI on Wednesday and Retail Sales on Friday should draw the most
attention. Upcoming U.S. Treasury auctions include $39B 13- and $36B 26W bills
on Monday, $38B 3Y notes on Tuesday, $24B 10Y notes on Wednesday and $16B 30Y
bonds on Thursday. Salient data highlights (estimates):
- Monday: Oct JOLTS job openings level; Oct JOLTS quits rate; Dec NY Fed
expectations survey; $39B 13- and $36B 26W bill auctions. Nomura economists said
the latest job openings level "will be important for evaluating the near-term
trajectory of wage pressures. Job openings in Sep declined slightly, but
remained at multiyear highs with the job openings rate at 4.5%. Despite the tick
down, the ratio of job openings to unemployed workers increased slightly to 1.18
in Sep, highlighting solid labor mkt demand. Labor market turnover remained
above its recent trend at 4.2%, consistent w/recent pickup in wage growth. 

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