A Higher Bar for the Bulls in 2025
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What’s in Today’s Report:
- A Higher Bar for the Bulls in 2025
- Weekly Market Preview: Focus on Politics (Does Johnson Get Re-elected as Speaker?)
- Weekly Economic Cheat Sheet: Another Slow Week But Important Reports Thursday and Friday
Futures are slightly weaker following a mostly quiet weekend of news and ahead of another holiday shortened trading week.
Economically, the only notable report was Spanish CPI, which came in hotter than expected at 2.8% y/y vs. (E) 2.6% y/y, reinforcing some fears of sticky inflation.
Politically, the first major event for the new U.S. Congress comes this Friday via the Speaker of the House election (markets will want to see current Speaker Johson re-elected).
Given the mid-week holiday this week is another relatively quiet one on the data front but there are some notable reports to watch today including Chicago PMI (E: 42.7), Pending Home Sales (E: 0.7%). As is the case for the foreseeable future, anything Goldilocks (so in-line to slightly softer) is the preferred outcome for markets.
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