While chances of a rate hike at the January.....>

FED: While chances of a rate hike at the January FOMC remain close to zero,

March probability has risen sharply over the past week, particularly after

Wednesday's December FOMC minutes supported the Fed's hiking campaign. Dealer

opinions vary, but invariably see more rate hikes in 2018 than the two that rate

markets are currently pricing in. RBC's economists said their "long standing

call that the Fed will raise rates four times in 2018 remains firmly in place.

We expect as the year progresses the Fed will feel compelled by the constructive

backdrop to fall in-line with our thinking on this front." Skipping the January

30-31 FOMC policy announcement RBC said to expect the Fed "to incorporate

another hike into their current expectations (of just three hikes) by the March

meeting."