Core PCE Price Index Preview (Next Potential Catalyst)
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What’s in Today’s Report:
- Core PCE Price Index Preview (Next Potential Catalyst)
Futures are solidly higher following better than expected tech earnings overnight.
GOOGL (up 12% pre-open) and MSFT (up 4% pre-open) posted strong earnings results and that’s leading a rebound in tech stocks and pushing futures higher.
Economically, the Bank of Japan rate decision was slightly dovish as it kept rate unchanged and didn’t reduce QE.
Today focus will be on the Core PCE Price Index (E: 0.3% m/m, 2.6% y/y) and the bottom line is this number needs to be at, or ideally under, expectations to help further fuel the earnings driven bounce in futures. The other economic report today is the University of Michigan Consumer Sentiment Index (E: 77.9, 1-Yr Inflation Expectations: 3.1%) but barring a jump in inflation expectations, it shouldn’t move markets.
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