Powell Speech Preview

What’s in Today’s Report:

• Powell Speech Preview

Futures are modestly lower following a mostly quiet night ahead of Powell’s speech at 10:00 a.m. this morning.

Economic data was slightly underwhelmed as the German Gfk Consumer Climate declined to –36.5 vs. (E) -31.

The UK increased the electricity price cap for households by 80%, underscoring the impact of surging natural gas prices.

Today focus will be on the Powell speech at 10:00 a.m. and the market will be looking for Powell to tacitly endorse the “Fed Pivot” theory that’s helped stocks rally.  Away from Powell, we also get two notable inflation readings via the Core PCE Price Index (E: 0.3% m/m, 4.7% y/y) and Consumer Sentiment (E: 55.1), but it will take a material surprise from either report to move markets today.