What’s in Today’s Report:
- What’s Causing the Increased Volatility in Stocks?
- Weekly Market Preview: Do the Three Pillars of the Rally Stay Intact?
- Weekly Economic Cheat Sheet: Key Inflation Data This Week (CPI on Thursday)
Futures are rebounding modestly from last week’s declines following a quiet weekend of news and ahead of an important week of inflation data.
Economically, the only notable number was German Industrial Production, which fell more than expected (-1.5% vs. (E.) -0.5%) and again underscored growing recession risks in Europe.
Today the key economic report is the Manheim Used Vehicle Value Index (9:00 a.m. ET) as this is viewed as an anecdotal reading on inflation, and markets will want to see a further decline in car prices.
We also get Consumer Credit (E: $13.00B) and there are two Fed speakers, Harker (8:15 a.m. ET) and Bowman (8:30 a.m. ET), and markets will want to see those events reinforce the Goldilocks narrative (solid consumer spending and the Fed basically done with rate hikes).