US EARLY MORNING: US equity futures are around flat ahead of today's key CPI data

SNAPSHOT: Asia-Pac stocks were mixed overnight, failing to fully sustain the early momentum from Wall St. European equities are edging higher on Thursday morning. US equity futures are trading around flat, Treasury yields are lower by 1-5bps, with much of the rally being seen at the long-end of the curve. The Dollar Index is a little better than unchanged. Crude is trading around the neutral line too. US CPI data for December is ahead, and will inform the debate on whether the Fed has made substantial progress in reducing price pressures back towards target. The data may help crystalise expectations of a 25bps rate rise at the February FOMC, as well as expectations for terminal between 4.75-5.00% (more dovish than the Fed's SEP implies). We preview the data in detail here, including trading scenarios depending on how the release looks. Elsewhere, weekly US jobless claims data, and speeches from Fed’s Harker (2023), Barkin (2024) and Bullard (2025) are due. Our full day ahead sheet can be accessed here.

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12 Jan 2023 - 09:20- EquitiesData- Source: Newsquawk

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