The Atlanta Federal Reserve updated its latest GDPNow reading, which allows it to estimate GDP growth in real time.
Nevertheless, inflation continues to be a problem around the world.
Stocks remain under pressure as investors remain fearful of the troubles seen in the financial sector.
However, the good news is that this print is higher than the 40 that was expected and two points higher than last month’s reading.
It certainly didn’t help that Credit Suisse plunged to a record low after its biggest backer said it could not provide any more help.
The PPI index published today indicated that PPI cooled down unexpectedly, declining month-over-month by 0.1% in February versus economists’ expectations of a month-over-month rise of 0.3%.
However, in a piece of disappointing news, the New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state slid 18.8 points to negative 24.6 in March, more than economists’ expectations of a negative 5 and indicating a significant contraction in manufacturing activity.
The retail sales data indicated that sales dipped in February by 0.4% month-over-month, more than consensus expectations of a decline of 0.3% and a rise in sales of 3% in January.
futures are trending in negative territory on Wednesday, despite the easing of fears of a widespread banking debacle and in-line CPI numbers.
Notably, the consumer price index numbers came in as expected, boosting equity stocks higher in the trading session yesterday.
Markets could swing either way on the monetary policy release as mixed signals from the strong labor market and the latest signs of cooling inflation have divided expectations.
Meanwhile, European indices are trading in negative territory today, after Credit Suisse Group AG disclosed the presence of “material weakness” in financial reporting in its 2022 annual report.
Hong Kong’s Hang Seng, China’s Shanghai Composite, and Shenzhen Component indices ended the day in the green, up 1.52%, 0.55%, and 0.30%, respectively.