What’s in Today’s Report:
- What the FOMC Minute Mean for Markets (Hawkish)
- General Technical Take for Equities
- EIA Analysis and Oil Market Update
Futures are bouncing slightly following a quiet night as markets digest the declines of the past two days.
Economic data was mixed overnight as German Industrial Production missed estimates while Euro Zone Retail Sales beat expectations, but neither number is moving markets.
Geopolitically there was no new news on Russia/Ukraine as the conflict continues with little signs of any progress towards a cease fire.
Today we get one notable economic report, Jobless Claims (E: 202K) but three Fed speakers: Bullard (9:00 a.m. ET), Evans (2:00 p.m. ET) and Williams (4:05 p.m.). We expect each of them to further hammer the point that rates are rising by 50 bps in May, with balance sheet reduction beginning in the same month. But, as long as they don’t say anything “hawkishly new” then stocks should be able to look past the commentary.