Is a Soft Landing More Likely Now?

What’s in Today’s Report:

• Is a Soft Landing Really More Likely Than Before?
• Weekly Economic Cheat Sheet – Stagflation or Soft Landing?

Stock futures are lower and bond yields are climbing on the back of strong economic data and hawkish ECB chatter.

Chinese economic data was strong overnight while the German ZEW Survey surprised to the upside and U.K. wage growth rose to a record 6.4% vs. (E) 6.1%.

Meanwhile, the ECB’s Chief Economist, Philip Lane, made hawkish comments about rates rising into restrictive territory overnight which is weighing on recently dovish-leaning investor sentiment.

Today, focus will be on earnings early with: GS ($5.25), MS ($1.25), CFG ($1.30) all reporting ahead of the bell while UAL ($2.07) will release results after the close.

Economically, there is one important report this morning: Empire State Manufacturing Index (E: -7.5) and there is one Fed speaker to watch this afternoon: Williams (3:00 p.m. ET).