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Two Steps Forward, One Step Back

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What’s in Today’s Report:

  • What the Italian Deficit Means for Stocks

Futures are modestly lower as the Italian deficit came in larger than hoped.

The official Italian budget produced a deficit of 2.4% of GDP, larger than hoped by markets.  The euro extended its loses from Thursday and German bund yields declined following the announcement.

Economically, EU Core HICP (their CPI) missed estimates, rising 0.9% vs. (E) 1.1.%.

Today focus will be on the Core PCE Price Index (E: -0.1% m/m, 2.0% y/y) as that’s the Fed’s preferred measure of inflation, although barring a number well above 2.0%, it shouldn’t move markets.  Also on the calendar today is Consumer Sentiment (E: 100.8) and one Fed speaker:  Williams (4:45 p.m. ET).

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