What’s in Today’s Report:
- Why the Decline in Core Inflation Could Be Slower than Expected
- EIA Analysis and Oil Market Update
Futures are slightly lower following a mostly quiet night of news as markets await a deluge of economic data later this morning.
The most notable headline overnight was that negotiators have reached a tentative deal to avoid a U.S. rail strike, although this was never a major concern for markets so the headline isn’t causing a rally.
There were no notable economic reports overnight.
Today the market will be focused on economic data and the key reports will be Jobless Claims (E: 227K), Philadelphia Fed Manufacturing Index (E: 3.5), and the Empire State Manufacturing Index (E: -14.5) as they give us the latest insights into growth and inflation. If the price indices in Empire and Philly drop notably, that’ll help offset some of the concerns on inflation from the CPI report.
Other data today includes Retail Sales (E: 0.0%) and Industrial Production (E: 0.2%) but they’ll have to be material surprises to move markets.