The main event today is the release of the FOMC minutes from the October meeting. Here we will get more details on why the Fed flagged a clear tightening bias. The FOMC revealed that it will determine 'whether it will be appropriate to RAISE the target range at its NEXT meeting' (our emphasis). We think that with the strong job report FOMC will consider a hike 'appropriate' (see also First Fed hike in December due to very strong job report , 10 November) but it will be interesting to see what conditions made the FOMC flag a tightening bias before the strong job report. Look for possible details on how the FOMC will proceed next year.
Denmark is set to auction the new 2Y (Nov-18) and the 10Y (Nov-25) benchmarks.
Not many data releases scheduled for today. Numbers for US housing starts and building permits in October are due today. We expect them to support our overall view that the housing market is improving.
The Fed and the ECB continue to be in the spotlight. Several ECB and FOMC members are speaking today and the market will listen to what they may have to say about the upcoming meetings in December.
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