What’s in Today’s Report:
- What Russian Political Turmoil Means for Markets
- More Signs the Market is Starting to Believe the Fed
- Weekly Economic Cheat Sheet: Core PCE Price Index and Jobless Claims are the Key Reports this Week
- Weekly Market Preview: Will Hard Landing Fears Keep Rising?
Futures are slightly lower as markets digest the political volatility in Russia and underwhelming economic data.
A short-lived rebellion by the Wagner private army against the Russian government dominated headlines this weekend, but from a market standpoint this only matters via its impact on oil prices, and they are little changed.
Economically, German IFO Business Expectations fell to 83.6 vs. (E) 88.0, which is the second weak German economic number in the past two trading days.
Today focus will remain on the Russian political situation, so watch oil to cut through the headline noise. If oil rises sharply, the situation is deteriorating and that would weigh on markets.