The Market Brief
US stock futures pared earlier losses as solid earnings helped counter concerns about a steady stream of tariff headlines.
Impact Snapshot
🟥 PPI Inflation - 8:30am
Key Earnings: GS 0.00%↑ BAC 0.00%↑ MS 0.00%↑ ASML 0.00%↑
Macro Viewpoint
Dovish print on the Core CPI MoM came in below expectations, and earnings measures printed below expectations. So, we are still in wait-and-see mode for when we see the inflation pass-through, which may still be 1–2 months away.
Banks kicked off earnings this morning, and the general message is one of a resilient economy based on color from commercial banks, loan growth, and delinquency/charge-off data.
This is likely to keep the Fed on hold until it gets more clarity about the relative risks to the inflation and labor market outlooks.
Economic data due later Wednesday are expected to show signs of tariff pass-through to producer-goods prices.
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