Updated Market Outlook Post Fed Decision & AI Disappointment (Still Bullish?)
What’s in Today’s Report:
- Updated Market Outlook Post Fed Decision & AI Disappointment (Still Bullish?)
- Weekly Market Preview: Does Data Stay Goldilocks (And Further Fuel RSP over SPY?)
- Weekly Economic Cheat Sheet: Jobs Report Tomorrow is the Key Event
Futures are solidly higher on rising hopes that Kevin Warsh, not Kevin Hassett, would be the next Fed Chair.
President Trump said that Fed Governor Warsh had moved to the top of his Fed Chir list and that’s positive as markets view Warsh as more independent then Hassett.
Economically, Chinese data disappointed as retail sales, industrial production and Fixed Asset Investment missed estimates.
Today focus will be on economic data via the first data point for December, Empire Manufacturing (10.6). This is a volatile metric but as long as it’s mostly stable (so no big drop) it shouldn’t weigh on markets.
We also get the Housing Market Index (E: 38) and have two Fed speakers: Miran (9:30 a.m. ET) and Williams (10:30 a.m. ET). Of the two, Williams is the most important and if he’s dovish, it should help support markets.