Market Multiple Table Chart
What’s in Today’s Report:
- Market Multiple Table Chart
- EIA Analysis and Oil Market Update
Futures are little changed as overnight economic data was in-line with expectations while investors look ahead to this morning’s CPI Report.
Economically, Chinese CPI was the only notable number and it largely met expectations at 1.8% y/y (vs. (E) 1.9%). That reading will keep Chinese authorities actively stimulating the Chinese economy, which is a positive for the global economy.
Today focus will clearly be on the CPI report (E: 0.0, 6.6%), but remember the Core CPI report is the more important number (E: 0.3%, 5.7%). Markets need to see continued declines in CPI to underwrite recent gains in stocks and bonds.
Away from CPI, we get the latest Jobless Claims reading (E: 215K) and this number needs to move higher to reflect a better balance in the labor market. Finally, there are multiple Fed speakers today including Harker (7:30 a.m. ET), Bullard (11:30 a.m. ET), and Barkin (12:40 p.m. ET) and while we should expect typically hawkish rhetoric, they shouldn’t reveal anything new (and as such shouldn’t move markets).