Revisiting Modern Monetary Theory (What It Means for Markets)

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What’s in Today’s Report:

  • Revisiting Modern Monetary Theory (Because It’ll Be Visiting Us for the Foreseeable Future)
  • What the Adoption of MMT Means for Markets (Specific Sectors)Futures are marginally higher mostly on momentum following a generally quiet night of news.

The familiar refrain of stimulus expectations (given the new administration) is pushing futures slightly higher this morning, but there was no actual news overnight.

Economic data was minimal and is not moving markets.

Today will be a busy day on the economic front, with the key numbers being Jobless Claims (E: 890K) and the Philadelphia Fed Manufacturing Index (E: 12.0) and markets will want to see stability in the data (so not a continued steep drop off that implies the recovery is losing more momentum).  We also get Housing Starts (E: 1.558M) later this morning.

Earnings will continue to be in focus as well, and some names we’re watching today include: TRV ($3.00), UNP ($2.25), INTC ($1.10), IBM ($1.77), CSX ($1.00), PPG ($1.57), STX ($0.99).