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What’s in Today’s Report:
- Separating Short Term vs. Longer Term in this Market
- Important Context for Economic Data Going Forward
- Weekly Market Preview: How Much Higher Can Markets Rally in 2023?
- Weekly Economic Cheat Sheet: Does Data Start to Roll Over?
Futures are modestly lower following a generally quiet weekend as markets further digested last week’s stock and bond rally.
On inflation, Swiss CPI rose less than expected (1.4% y/y vs. (E) 1.7%) continuing last week’s trend of smaller than expected increases in inflation in the EU region.
On growth, German exports underwhelmed (-0.2% vs. (E) 1.1%) continuing the recent trend of both lower inflation and slowing growth.
Today the only notable economic report is Factory Orders (E: -2.6%) and it’d take a major beat or miss to move markets, so we should expect continued general digestion of last week’s rally.
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