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Traders brace for Fed, data deluge

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A slew of Fed policymaker remarks and economic data will hit markets Wednesday.

"I expect they will reiterate that the door is open for a December rate hike," said David Kelly, chief global strategist at JPMorgan Funds. "The problem is markets are anticipating they aren't going to raise rates in December. So they have to keep reiterating (December) to keep the door open. The Fed is going to have to lean hawkishly … because they don't want to shock markets."

"If the economic numbers strengthen and the Federal Reserve talks in a more hawkish tone and acts in December, that will reduce uncertainty," he said.