The market will be focused on the updated Summary of Economic Projections and any clarity on the pace of balance sheet growth.

This is the last Fed meeting of 2019. It will be the last voting meeting for Rosengren, Bullard, Evans, and George.

The 2020 rotating regional voters will be Mester, Harker, Kaplan, and Kashkari. On balance the voting group of 2020 may be slightly more “hawkish,” with the obvious exception of Kashkari.

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