Patience is key - Investors were stuck waiting today, both for the wave of important economic data later in the week & for the beginning of earnings season. This week brings CPI & University of Michigan data, with CPI expected to come in at 8.8% YoY, which would be a fresh four decade high. Despite expectations of a further MoM/YoY CPI increase, University of Michigan expectations are flat for both Sentiment and Current Conditions. Investors are also interested in seeing how earnings go – some sell side analysts believe that corporations are resilient enough to pass on higher costs to consumers, while some strategists are not convinced that is the case. Earnings kick off this week, with JPM & MS Thursday pre-market.
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