Important Technical Levels to Watch
What’s in Today’s Report:
- Important Technical Levels to Watch
Futures are modestly lower mostly on momentum from Thursday’s declines and after hopes for the government to reopen today faded overnight.
There were hopes late Thursday that the government could reopen today and there may be a vote in the Senate, although passage is not expected at this time.
Economically, Chinese exports fell –1.1% vs. (E) 2.9%.
Focus today will be on inflation expectations via the one-year and five-year inflation expectations in the University of Michigan Consumer Sentiment survey and the NY Fed 1-Year Consumer Inflation Expectations (E: 3.4%). Put simply, the lower these numbers, the better as they will make a December rate cut incrementally more likely.
On the Fed front, there are two speakers today, Jefferson (7:00 a.m. ET) and Miran (3:00 p.m. ET) although they shouldn’t move markets.
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