Reply #21: 9:40 Blather [View All]

[RawMaterials]

9:40AM: Market struggles to extend yesterday's gains as higher oil prices counter encouraging economic data... While this morning's Feb core PCE deflator rose 0.2%, somewhat easing inflationary pressures as the data checked in below January's 0.3% gain and a 0.3% rise feared by investors, a 2.0% spike in crude oil futures to over $55/bbl has trumped early buying efforts... Feb personal income was up 0.3%, slightly below forecasts of 0.4%, while personal spending was up 0.5%, in line with expectations...

Both numbers are decent from an economic standpoint, but have taken a back seat to the PCE deflator, as inflation remains the key issue...