Short vs. Long Term Market Outlook (Is Falling Inflation & Slowing Growth Good for Stocks?)
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What’s in Today’s Report:
- Short vs. Long Term Market Outlook (Is Falling Inflation & Slowing Growth Good for Stocks?)
- EIA Update and Oil Market Analysis
Futures are little changed as market digest Wednesday’s new high amidst more dovish global data.
Japanese GDP (-0.5% vs. (E) -0.4%), Aussie Unemployment (4.1% vs. (E) 3.9%) and Italian HICP (their CPI, 0.9% vs. (E) 1.0% y/y) all pointed towards falling inflation and slowing global growth, which investors welcome (for now).
Today is a busy day full of data and Fed speak. Broadly speaking, if the data/Fed speak is dovish and Treasury yields drop, it’ll extend the rally.
Notable economic data today includes (in order of importance): Jobless Claims (E: 219K), Philly Fed (E: 7.8), Industrial Production (E: 0.1%) and Housing Starts (E: 1.435MM).
On the Fed, there are numerous speakers including: Barr (10:00 a.m. ET), Barkin (10:00 a.m. ET), Harker (10:30 a.m. ET), Mester (12:00 p.m. ET), Bostic (3:50 p.m. ET). But, unless they all start talking about rate hikes (very unlikely), their commentary shouldn’t move markets.
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