Jobs Report Preview (Will June Cuts Still Be Expected?)
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What’s in Today’s Report:
- Jobs Report Preview (Will June Cuts Still Be Expected?)
- EIA Analysis and Oil Market Update
Futures are slightly higher following a generally quiet night of news as markets look ahead to tomorrow’s jobs report.
Economically, the only notable number overnight was German Manufacturers’ Orders and it badly missed expectations (-11.3% vs. (E ) -6.0%) but it isn’t impacting markets.
Japanese stocks fell sharply (Nikkei down more than 1%) as “chatter” grew louder the BOJ may hike rates in March.
Today is a relatively busy day of events but it’ll take some significant surprises to move markets ahead of tomorrow’s jobs report.
The key events today, in order of importance, are: ECB Rate Decision (No change is expected but will Lagarde point to June cuts?), Jobless Claims (E: 215K, will they keep rising?), Unit Labor Costs (E: 0.7%), Powell’s Senate testimony (10:00 a.m. ET) and Cleveland Fed President Mester (11:30 a.m. ET).
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