Separating Short and Long-Term Market Views

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What’s in Today’s Report:

  • Separating Short and Long-Term Market Views

Futures are little changed following a quiet night of news as investors look ahead to trade meetings and data.

Economically, the only notable report was Euro Zone Industrial Production and it slightly missed expectations (0.8% vs. (E) 1.0%).

Politically, focus will be on two events today, the USMCA renegotiation talks between U.S. and Canadian officials and progress on avoiding a government shutdown on Friday.

Outside of trade and politics, today there are two important economic reports:  Jobless Claims (E: 230K) and PPI (E: 0.3% m/m, 3.4% y/y).  Because of rising stagflation worries, investors will want to see better than expected numbers from both reports, while a jump in jobless claims would increase growth concerns and hotter than expected PPI would raise fears tariffs are boosting inflation (tariff price pressures will show up in PPI before CPI).