What’s in Today’s Report:
- Jobs Report Preview
- Why the Bank of England Surprise Matters to You
- OPEC Decision and Oil Market Update
Futures are modestly higher ahead of the jobs report and despite underwhelming European economic data.
German Industrial Production (-1.1% vs. (E) 0.9%) and EU Retail Sales (-0.3% vs. (E) 0.8%) both missed estimates but those reports aren’t moving markets.
House Democrats are expected to pass the bipartisan infrastructure bill later today, while the larger $1.75 trillion stimulus bill remains in negotiations.
Today focus will be on the Jobs Report and expectations are as follows: Job Adds: 400K, UE Rate: 4.7%, Wages: 0.4%/4.8%. Given the Fed didn’t commit to a $15 billion tapering beyond December, a “Too Hot” number (in either jobs adds or wages) could cause market volatility, but outside of that occurring the jobs report shouldn’t move markets too much. We also get one Fed Speaker, George at 9:30 a.m. ET.