I had 650x43mm on my Pompetamine with room to spare. 48mm should be doable without mudguards.
Hmm, I've got 700x38 with guards in there at the moment (just). Definitely keen to keep the mudguards so probably not worth the expense and hassle for a slight increase.
@nyoro started
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I had 650x43mm on my Pompetamine with room to spare. 48mm should be doable without mudguards.