The market is back in data-watching mode.
Last week, the seeds were planted for worries about a surprise US economic acceleration and the inflation that comes with it. That was after a series of stronger economic indicators. That’s perked up the market to the possibility that the Fed ends up in a position where it can’t cut and we need to price out the 100 bps of cuts in the market through October 2028.
Today’s slate starts at 9 am ET with house price data from Case-Shiller and the FHFA. That won’t be a market mover.
The intrigue comes at 10 am ET (3 pm in London) with the release of August JOLTS and September consumer confidence. That JOLTS numbers have been choppy and the Fed is watching closely to try to figure out if falling non-farm payrolls are about immigration, struggling businesses or AI.
JOLTS job openings