Keep an eye on home sales, due out at 10am ET. Shelter has been one of the more problematic categories of inflation for the Fed, showing a 6.2% annual increase in December. Without a doubt, it remains the biggest impediment to getting inflation back down to 2%.
Like yesterday, the overnight ramp has faded as we approach the open. The housing data could determine whether we see a more robust backtest or new highs.
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