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What to Watch, Data Drop, Fed Gov Confirm Hearing, Geopol Risks

MARKET INSIGHT

Turning away from this morning's BoE hawkish hike, data picks up ahead Friday's headline Jan employment report (+150k est vs. +190k prior), at 0830 this morning:

  • Initial Jobless Claims (260k, 245k)
  • Continuing Claims (1.675m, 1.620m)
  • Unit Labor Costs (9.6%, 1.0%)
  • Nonfarm Productivity (-5.2%, 3.9%)
  • Midmorning data points:
  • Markit US Services PMI (50.9, 50.9); Comp (50.8, 50.8) at 0945ET
  • ISM Services Index ( 62.3 rev, 59.5) at 1000ET followed by
  • Durable Goods Orders (-0.9%, -0.9%); ex-trans (0.4%, --)
  • Factory Orders (1.6%, -0.4%); ex-trans (0.8%, 0.4%)

Scheduled Fed speak still rather thin but Fed Gov nominees Raskin, Cook and Jefferson Senate confirmation hearing at 0845ET

  • Geopolitical: Russia/Ukraine tension picked up after US troop deployment to Germany, Poland and Romania to reassure NATO allies.
  • By-line: Pres Biden via Twitter annc'd "U.S. military forces successfully undertook a counterterrorism operation. Thanks to the bravery of our Armed Forces, we have removed from the battlefield Abu Ibrahim al-Hashimi al-Qurayshi — the leader of ISIS."

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