Markets Kick Off A Busy Week With Slightly Higher Equity Futures
U.S. stock futures are higher. Markets are kicking off a busy week with slightly higher equity futures and slightly lower yields. Today's economic calendar is relatively light, with the focus shifting to the upcoming release of CPI and PPI inflation data on Tuesday and Wednesday morning respectively, followed by the Fed rate decision on Wednesday afternoon. Presently, money markets are pricing in 75% probability that the Fed will announce a pause and maintain current interest rates, but the simultaneous release of inflation data adds to uncertainty. Chairman Powell's remarks and a fresh summary of economic projections will offer valuable insights into the rate hike trajectory. Turning to international markets, the Bank of Japan, the People's Bank of China and the European Central Bank will all announce interest rate decisions later this week. Asian stocks finished the session mostly higher and European stocks are gaining in afternoon trading. Oil prices are under pressure and the price of gold and the strength of the dollar are holding steady.
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