Day Ahead – Top 3 Things to Watch

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© Reuters. © Reuters. – Here’s a preview of the top 3 things that could rock markets tomorrow.

1. Fed Meeting Kicks Off

The Federal Reserve Open Market Committee (FOMC) gets its two-day meeting underway on Tuesday.

Ahead of the meeting, Fed Chairman Jerome Powell has suggested that monetary policy was in a good place, strengthening expectations that the Fed would likely keep rates steady at the conclusion of its meeting on Wednesday.

At its October meeting, the Fed held its at a range of 1.5% to 1.75%.

“At this point in the long expansion, I see the glass as much more than half full. With the right policies, we can fill it further, building on the gains so far and spreading the benefits more broadly to all Americans,” Powell said in a speech at the Greater Providence Chamber of Commerce annual dinner on Sunday.

2. U.S. Small Business Confidence, Nonfarm Productivity Data Due

U.S. worker productivity and small business activity is also on the calendar for Tuesday.

The National Federation of Independent Business (NFIB) at 6:00 AM ET (11:00 GMT) releases its survey on small-business owners’ confidence in the U.S. economy for November.

The is forecast to show a November reading of 103.1, up 0.7 points from the prior month.

The Labor Department, meanwhile, releases third-quarter measure of which measures hourly output per worker at 8:30 AM ET (13:30 GMT).

Nonfarm productivity is expected to have declined 0.1% in the third quarter, compared with a 2.3% increase in the prior quarter.

3. Oil Supplies in Focus

The will be released Tuesday after the markets close with traders keen for signs on whether tightening in domestic supplies will continue.

The API last week reported domestic inventories for the week ended Nov. 29 fell by 3.7 million barrels.

crude settled 0.3% lower at $59.02 a barrel on Monday. crude, the global benchmark, was down 14 cents to $64.25.

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