The highlight of the week ahead will be Wednesday’s FOMC meeting, where our team expect the Fed to announce the end of QE prematurely and signal a readiness to hike in March. Given that four hikes are already priced this year, the focus on the Fed balance sheet could see the pricing of the Fed terminal rate stall/marginally reverse and be mildly dollar negative. Additionally, next week sees a heavy slate of US tech, financial and industrial 4Q earnings – leaving US equities in a vulnerable position as bond yields rise too. In terms of data, we’ll get our first look at 4Q21 US GDP data – expected near 5% QoQ ... (full story)