Is Gasoline Demand Another Economic Warning Sign?
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What’s in Today’s Report:
- Is Gasoline Demand Another Economic Warning Sign?
- Did Earnings Season Change the Market Outlook?
Futures are solidly higher thanks to continued momentum from Thursday’s rally following a quiet night of news.
Economically, UK data was stronger than expected (GDP and Industrial Production beat estimates) but it’s not changing BOE June rate cut assumptions.
Today there is just one notable economic report, the University of Michigan Consumer Sentiment Index (E: 77.0) and the key parts of that release will be the 1-Yr Inflation Expectations (E: 3.2%) and the 5-Yr. Inflation Expectations (E: 3.0%). If both of those numbers are higher than expected, it’ll be another negative signal on inflation and don’t be surprised if Treasury yields rise in response to them and stocks give back these early gains.
In addition to that one economic report, we also get numerous Fed speakers today including: Bowman (9:00 a.m. ET), Logan (10:00 a.m. ET), Kashkari (10:00 a.m. ET), Goolsbee (12:45 p.m. ET) and Barr (1:30 p.m. ET). However, unless one of them explicitly advocates for rate hikes, they shouldn’t move markets.
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