9:45am, Philadelphia Fed @ 10am EIA natural gas storage @ 10:30am, Treasury auction in 10yr TIPS @ 1pm ($13B) Fed Speakers: Powell @ 9:45am (NYC), Lacker @ 12:30pm (Asheboro, NC), Bullard @ 1pm (Rogers, AR) EFTA00379409 Conferences: UBS Tech (Sausalito), Bofa Energy (Miami), RBC MLP (Dallas), Robin

Z, BBRY, EMMS, FINL Economic Data: NAPM-Milwaukee @ 9am, Chicago PMI @ 9:45am, U. of Michigan Confidence @ 9:55am Fed Speakers: Stein @ 8arn (NYC), Lacker @ 9:15am (White Sulphur Springs, WV), Pianalto @ 12pm (Wheeling, WV), Williams @ 3:30pm Williams (Rohnert Park, CA) Conferences: No major conferenc

g Consumer Comfort @ 9:45am, Wholesale Inventories @ 10am EIA natural gas storage @ 10:30am, Treasury auction 30yr bonds @ 1pm ($16B) Fed Speakers: Lacker @ 8am (NYC), Plosser @ 1:15pm (NYC) Conferences: Baird Growth Stock (Chicago), Jefferies TMT (NYC), DA Davidson Financial Services (Seattle), Wells

5am, Factory Orders @ 10am Treasury quarterly refunding announcement @ 10am, DOE crude oil inventories @ 10:30am Fed Speakers: Tarullo @ 8am (NYC), Lacker @ 12:30pm (Richmond), Fed's Evans @ 6:30pm (Chicago) Conferences: RBC Global Financial Institutions (Boston) Analyst/Investor Days: MKTG Non-Deal

ovish changes to the complexion of the 4 rotating voting members of the Fed that take effect this month: they are losing 3 hawks and picking up 1 in Lacker = this has fueled further speculation of potential QE3 in March focused on MBS purchases. Jan 30 —Another EU summit (this one focusing on jobs and

oyment Change @ 8:15am, DOE Crude Inventories @ 10:30am Treasury Auction of 7-yr notes @ 1pm ($29B) Fed's Hoenig speaks in London @ 1:30pm, Fed's Lacker testifies at Dodd-Frank hearing @ 2pm, Fed's Bullard speaks on monetary policy before the UBS Macro Dinner in London @ 4pm Conferences: Howard Weil

t in a more hawkish direction in 2016 — One less dove (Evans) and a net gain of two more hawkish voters (gain Mester, George and Bullard and lose Lacker) Hawkish Note: dotted lines represent average hawkish / dovish score each year. Source: Deutsche Bank Research H While this could affect policy a