MPs could get vote on alternative proposals to PM's Brexit plan

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In Brexit news, PM May is reported to now be in favour of giving MPs a vote on alternative proposals to her Brexit plan. Then on the other side of Brexit, the EU will today publish a package of 14 contingency proposals aimed at avoiding the worst effects of a ‘no deal’ Brexit.

Today’s much awaited Federal Reserve policy meeting will set the tone for markets heading into 2019. Expectations for further Fed rate hikes, on top of the eight that have already taken place since December 2015, have been scaled back significantly in recent weeks. A rate rise is still expected today but the probabilities given to hikes further out has been scaled back significantly. Markets now give less than a 40% probability to even one rate hike next year.

This time around the Fed is likely to acknowledge that the pace of tightening will probably slow in 2019, but nevertheless warn that further hikes are still on the cards if economic growth remains strong. Meanwhile, Fed policymakers’ interest rate forecasts (the ‘dot plot’) may also be scaled back, though many still expect them to point to at least two further increases in 2019.

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