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U.S. PPI for November is due at 7:30 am CT. Expectations are for headline at +0.2% m/m, in line with October and +7.2% y/y, down from +8.0%. Core is expected at +0.2% m/m, up from flat in October, and +5.9% y/y, down from 6.7%. Michigan Consumer data follows at 9:00 am CT. Sentiment is important, but 1-year and 5-year Inflation Expectations have been at the forefront of this report. The Federal Reserve believes that if the public expects higher inflation, there is a higher probability of it becoming entrenched. CME FedWatch Tool odds show a 79.4% probability the Fed hikes by 50bps next week, but it is the picture through March that matters most. We are watching the odds of 125bps through the December and February meeting, currently at 8.9%. Although 75bps or 100 bps between the two meetings is nearly a coin flip, the odds of 125bps will emerge upon hot inflation data. Do not miss our daily Midday Market Minute, from yesterday.

E-mini S&P (December) / NQ (December)

S&P, yesterday’s close: Settled at 3965.75, up 29.00

NQ, yesterday’s close: Settled at 11,645.50, up 136.00

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NQ (December)

 

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Crude Oil (January)

Yesterday’s close: Settled at 71.46, down 0.55

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Gold (February) / Silver (March)

Gold, yesterday’s close:  Settled at 1801.5, up 3.5

Silver, yesterday’s close: Settled at 23.246, up 0.324

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Silver (March)

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