Stock futures were struggling for traction on Monday as investors looked ahead to a busy week on the economic front, with consumer prices and the last Federal Reserve meeting of the year ahead.
Economists expect November consumer prices, due Tuesday, will show soft headline inflation, but a firm core reading. Producer prices are due on Wednesday with retail sales on Thursday.
On Wednesday, Jerome Powell and his colleagues will announce the outcome of the two-day meeting, with the central bank expected to hold its key benchmark interest rate steady in a range of 5.25% to 5.5%.
Friday’s strong jobs data could have some bearing on what Powell has to say this week, Noteris said.
“Despite the possibility of a seasonal effect, overall, the data tend to highlight once again the resilience and tightness of the employment market. The release may harden the Fed’s hawkish stance and contradict the market’s expectations for an early rate cut,” Noteris added.
The European Central Bank and Bank of England will each announce policy decisions on Thursday. A Bank of Japan decision will come next week.