US EARLY MORNING: US index futures are steady ahead of PCE inflation and weekly jobs data

US equity futures are trading around neutral, Treasury yields are lower, but only by a couple of bps, while the Dollar Index is a touch better than flat. The action may have been influenced by European events, where the ECB's Scnhabel, which sparked a dovish reaction (see here); Fed's Bostic (2024) was out with comments in pre-market trade too, and where he continued to make the argument that US monetary policy is appropriately restrictive, enough to bring inflation to 2% over a reasonable time frame, adding that the Fed should be cautious, patient and resolute. For US traders, the main event is the PCE inflation data and weekly initial jobless claims data, ahead of Friday's NFP report. PCE is expected to rise on both a monthly and annual basis; last week, Fed Chair Powell suggested that the data would more-or-less be in line with the market consensus (see below for our primer).

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31 Aug 2023 - 09:30- Data- Source: Newsquawk

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