How to Explain This Market To Clients
What’s in Today’s Report:
- How to Explain This Market To Clients (Three Pillars of the Current Rally)
- Weekly Market Preview: Does CPI Further Confirm Disinflation Is Happening?
- Weekly Economic Cheat Sheet: Inflation in Focus This Week
Futures are modestly lower following a quiet weekend as investors look ahead to Wednesday’s CPI.
Most of the weekend news centered on China, as Yellen’s trip was viewed as constructive and will help slightly ease economic tensions between the two countries and that progress is a mild macro positive.
Economically, deflation risks are rising in China as CPI was flat y/y, highlighting the need for more economic stimulus.
Today there are no notable economic reports but there are numerous Fed speakers including Barr (10:00 a.m. ET), Daly (10:30 a.m. ET), Mester (10:30 a.m. ET) and Bostic (12:00 a.m. ET). Barr’s comments will be especially important because he may hint at more regulation for banks in the wake of the regional bank crisis, while a hawkish tone from the remaining Fed members could increase expectations for two more rate hikes (markets are currently only expecting one more rate hike).
Sevens Report Quarterly Letter
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