October 13, 2021
Good morning,
- This week truly gets going this morning with the official start of earnings season and the release of inflation’s CPI. Persistent, mildly elevated volatility has dampened index performance for the past two relatively news-free days – the S&P 500 is off about 1 percent for Mon/Tue.
- JPM’s earnings release early this morning was better than investors seemed to expect and Dimon’s forward comments set a very growthy tone for the few quarters immediately ahead. As a bell-weather name, maybe it will lift expectations for financials in general, most of which report tomorrow and Friday.
- Bonds are acting this morning like today’s CPI is no big deal. Maybe because yesterday’s auctions saw solid demand or they remember that the high May CPI release marked the peak in yields for the year so far.
Be well,
Mike