Good morning contrarians!
Stock futures are pointing to a higher open this morning, with the Nasdaq up 0.5% and Russell 2000 up 0.3%. S&P 500 and Dow Industrials are up 0.2% and 0.1%, respectively. Bonds are seeing some bids, with the yield on the 10-year down to 1.565%. Those numbers as of 0640.
It’s a busy morning with the Bureau of Labor Statistics’ Consumer Price Index reading due at 0830 and bank earnings before the open.
Economists expect the CPI to have grown 0.3% in September, or 5.3% year-over-year. The core reading is anticipated to come in at 0.2% MoM and 4% YoY. These are big numbers and the Federal Reserve is under pressure to do something about them, first by tapering bond purchases and then by raising interest rates.
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