Inside Markets — Discounting Data
As we noted yesterday, we’re discounting the signal quality of the January payroll data given the outsized role of seasonal adjustment factors.
Inside Markets — CPI Scenarios
Let’s review potential CPI scenarios as equity markets will take initial direction from headline CPI, due tomorrow.
Inside Markets — Worst Week of 2023
US equities are mixed with the S&P 500 on track for its worst week of 2023.
Inside Markets — Catalysts Ahead
Catalysts ahead include Michigan inflation expectations and two Fed speakers tomorrow, but markets remain focused on Tuesday’s CPI report.
Inside Markets — Terminal Rate
Terminal rate expectations drift higher as Fed officials answer questions about last week’s strong Jobs Report.
Inside Markets — Fed Focus
The focus today is on Fed Chair Powell’s comments at the Economic Club of Washington.
Inside Markets — Rate Cuts
Last week, the S&P 500 (SPX) extended through near-term technical resistance at 4100 as the OIS market began pricing in two 25bp rate cuts for the back half of this year.
Morning Notes — Technical Resistance
The S&P 500 (SPX) has extended beyond the upper-end of technical resistance at 4100, despite a still challenging fundamental and macro backdrop.
Morning Notes — Catalysts Ahead
Catalysts ahead include mega-cap earnings this afternoon and tomorrow’s Jobs Report, all of which will likely have a material impact on markets.
Morning Notes — Monetary Factors
Monetary factors are at the center of the current market narrative, with equity upside yesterday driven by a weaker-than-expected Employment Cost Index and positioning ahead of today’s Fed meeting.