What's Happening Today:
- Follow a mostly mixed close in Asia and currently, a positive tone in Europe, the U.S.-based futures are mixed heading into the open this morning. A number important economic data was released including European inflation figures which showed a reading of 1.5%. The consensus among analysts was 1.6%. The UK also reported its GDP today with a quarter over quarter increase of 0.3%. Prior reading was also an increase of 0.3%. Year over year UK based GDP was an increase of 1.5% versus the previous reading of an increase of 1.7%. This morning's Personal income and outlays report will also contain the much anticipated PCE Price index which proved substantial color on the inflation situation in the United States.
- The U.S. domestic politics and policy continues to draw attention as the debate is anticipated to begin in earnest on the now proposed tax reform legislation. A number of economists, political and market analyst have weighed in on the subject primarily as it relates to the impact on the deficit, employment growth, and corporate tax rates.