Daily digest market movers: Michigan could get distorted ...từ ia7145

14 Oct 2024, 20:34 · Views 84

At 12:30 GMT, the US Producer Price Index numbers for September are released:
- The monthly headline PPI is expected to increase by 0.1.% from 0.2% in the previous month, with core PPI facing a similar move down to 0.2% from 0.3% previous.
- The yearly headline PPI inflation is expected to tick down to 1.6%, coming from 1.7% in August. The core PPI will be an outlier and is expected to rise 2.7%, coming from 2.4%.
At 14:00 GMT, the University of Michigan preliminary reading for October will be released:
- Consumer Sentiment is expected to head higher to 70.8, coming from 70.1.
- 5-year consumer inflation expectations were at 3.1% in September, with no forecast available.
- The readings could be distorted due to the hurricanes in the South of the US.
There are a few Fed speakers to look out for on Friday:
- At 13:45 GMT, Austan D. Goolsbee, head of the Federal Reserve Bank of Chicago, gives opening remarks at the Community Bankers Symposium.
- At 17:10 GMT, Federal Reserve Governor Michelle Bowman (2024 FOMC voting member) delivers a virtual speech about community banking at the Federal Reserve Bank of Chicago Community Bankers Symposium.
Equities are overall dispersed this Friday, with main European indices on the downside, while US futures are flat to lower.
The CME Fedwatch Tool shows an 84.0% chance of a 25 bps interest rate cut at the next Fed meeting on November 7, while 16.0% is pricing in no rate cut. Chances for a 50 bps rate cut have been fully priced out now.
The US 10-year benchmark rate trades at 4.09, afloat above 4%.

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