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Financial markets are supposedly waiting on the release of August's inflation numbers from the US government before knowing what move to make next.
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Similarly, Watson is at a standstill in Grains until USDA's WASDE numbers are released at high noon (ET) Friday.
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Anyone who has visited Las Vegas has seen this type of Keno game before.
Morning Summary: I suppose all we can do now is wait for US mid-term elections this coming November. After all, the US president has said fuel prices won’t come down until then, and if US voters keep his regime in power he will pay each and every one of them a $5,000 “dividend”. Is that legal? Does it matter anymore? In other news, supposedly financial markets are waiting on “key wholesale inflation data” in the form of August’s Producer Price Index set for release Thursday and Consumer Price Index on the docket for Friday. As I’ll talk about with the Grains sector, reality doesn’t matter. We can see inflation everywhere we look, but if government generated numbers say differently, algorithms will react. That’s how it is. For the record, the PPI average pre-repot guess is 0.4% as compared to last month’s 0%. The average guess for the CPI is also 0.4%. At least we have easy to remember parameters. Once we get past this week’s Keno game, next week brings the latest meeting of the Federal Open Market Committee. Thursday morning’s Fed fund futures forward curve continues to show the next 25-basis point rate hike should be seen in October, ahead of US mid-term elections.
