I’ve been highlighting them since last week already. And if you think that after the dull reaction to the US CPI report yesterday that the data points today might not matter, I would say the opposite could end up being truer.
The inflation numbers yesterday served the purpose of reaffirming the narrative that the Fed will continue to pause and that price pressures are slowly and gradually cooling somewhat. Right now, I would argue that markets are more eager to see if other US economic data can hold up in order to help the Fed secure its higher for longer stance on monetary policy.
And that boils down to how the US consumer is doing and if employment conditions are still solid. As such, the data points today will be of relative importance. So, don’t sleep on them as we could get a bigger reaction than yesterday depending on what surprises they may hold.