Permits expected to moderate slightly to 1.438 million from July’s 1.443 million figure. Top-line CPI is further impacted by Food and Non-Alcoholic Beverages (11.6%) and Alcoholic Beverages (7.6%).Ĩ:30 AM ET sees the release of the August update for Housing Starts and Building Permits. Items driving this YoY Core CPI stickiness include Furnishings, Household Equipment and Routine House Maintenance (6.0%), Recreation and Culture (6.6%), and Restaurants and Hotels (7.7%). Core CPI held firm at 5.30% as overall inflation continues to be more sticky than citizens and central bankers care for. The Eurozone’s August CPI update came in slightly cooler than expected at 5.20%, 0.10% lower than estimates.

Given that we are in between earnings seasons, having something to get excited about besides feeding our data dependency on economic releases is worth celebrating. Futures are pricing in a 29% chance of another 25 basis point hike (0.25%) at the November 1 meeting so it’s on our collective radar but not something markets are calling for at this point, anyway.įor now, the Fed taking uncertainty out of the rate discussion is one less distraction for the market as it works to generate some momentum on the heels of last week's ARM Holdings ( ARM) IPO and today’s Maplebear ( CART) IPO, owner of Instacart (more below).

Given rising oil prices with West Texas Intermediate (WTI) trading over $91 and Brent Crude creeping toward $95 there is a sense that the Fed may need to resume its inflation-fighting efforts in November.

Markets seem to be ready to accept a “no action” Fed meeting tomorrow based on Fed Fund futures having priced in a 99% chance of rates remaining the same after tomorrow, per the CME FedWatch website. European markets are higher in midday trading and U.S. India’s markets are closed today as the country observes Ganesh Chaturthi, a Hindu festival marking the birthday of the Hindu deity Ganesh, the god of prosperity and wisdom. China’s Shanghai Composite, which ended the day essentially flat, down a mere 0.03% while Taiwan’s TAIEX fell 0.37%, Australia’s ASX All Ordinaries declined 0.45%, South Korea’s KOSPI gave back 0.60%, and Japan’s Nikkei closed 0.87% lower on semiconductor chip company declines. Asia-Pacific equity markets finished the day mostly lower except for Hong Kong’s Hang Seng, which gained 0.37% in a mixed session led by Utilities and Non-Energy Materials.

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