Outlook 05/15: U.S. stock futures jump as April’s CPI comes in less than expected. The CPI, the Federal Reserve’s preferred inflation gauge, rose 0.3% for the month of April, lower than estimates for a 0.4% monthly increase. The measure rose 3.4% year-over-year, coming in line with expectations. Monthly and yearly numbers for core CPI, which excludes volatile food and energy prices, were both in line as well. Fed funds futures trading data now suggests a 51.7% likelihood that the U.S. central bank will ease rates at its September meeting. This is up from Tuesday’s 44.9% chance of a rate cut the same month. The data comes after another report pointed to stickier inflation. The producer price index for April rose 0.5%, more than expected, raising concern that Federal Reserve rate cuts may be delayed.
/ESM24 (JUN 2024): YVAH 5259 YPOC 5245 YVAL 5241 GAP 5268.50
/ES Plan: Yesterday market closed bullish, and overnight, after CPI, looks more bullish, moving above previous value/range, so these're the opening and initial balance options for today:
