
JPM points out the FOMC minutes will contain the third quarterly FOMC
economic projections. JPM expects "GDP growth in 2008 (Q4/Q4 % change)
will be marked down" by 0.5 pt and 2009 growth could get marked up.
"Headline PCE inflation will be marked up by almost 3/4 percentage
point, in our estimate, due mostly to rising energy prices." But core
PCE prices are tracking ests.