MMT Chart (December Edition)
What’s in Today’s Report:
- MMT Chart (December Edition)
Futures are modestly higher on momentum from Thursday’s rally and as the BOJ rate decision was no worse than feared
The Bank of Japan hiked rates by 25 bps, as expected, but gave no indication when rates might rise again and the yen weakened 1% vs. the dollar.
Today focus will remain on economic data via another important inflation report, the Core PCE Price Index (E: 0.2% m/m, 2.8% y/y) and some growth data: Existing Home Sales (E: 4.15 million), Consumer Sentiment (E: 53.4).
The best outcome for stocks remains that the data generally hits expectations and it’s not so good it encourages the hawks to push back on further rate cuts, nor so weak it raises growth concerns. Most of the data we’ve received this week (and really the last few weeks) has been that way and Goldilocks data is absolutely helping support this market.
