PPI Did Not Move the Market

Traders are going to wait for the FOMC statement next week.

PRE-OPEN MARKET COMMENTS FRIDAY – The PPI came in this morning and it was “hotter” than expected. This should not come as a surprise. The PCE and hourly wages came in high last week. The Fed and the ECB have been saying that inflation is persistent. The S&P 500 dropped 40 points on the news and the futures are slated to open 12 points lower. From purely a trading standpoint, this is not the dramatic reaction I was hoping for.

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