What’s in Today’s Report:
- Why We Are So Wary of an Economic Overheat
Stock futures are tracking global equities lower this morning with tech shares leading to the downside as inflation fears continue to grip markets ahead of the Fed minutes.
Economically, the U.K. PPI report for April notably showed input prices jumped a staggering 9.9% y/y vs. (E) 4.4% which further stoked inflation fears overnight.
There are no notable economic reports today leaving investors to focus on the release of the Minutes to the April FOMC Meeting at 2:00 p.m. ET.
Additionally, there are two Fed officials speaking mid-morning: Bullard (10:00 a.m. ET) and Quarles (10:00 a.m. ET) however it is rather unlikely that either will say anything market moving given the looming release of the Fed minutes this afternoon.
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