DC Lite #55

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1. PCE (II). "Core inflation is running under two percent. Over the last three months, core PCE has advanced just 1.52% at an annual rate. Over the last six months, core PCE has climbed just 1.86%."

2. QRA (I). The US Treasury Quarterly Refunding Announcement "is the most important policy announcement next week. While there are lots of guesses on debt profile, unless you've got a tipster in Treasury you likely have no edge predicting the composition."

3. Tech fund flows. Tech funds saw $2.8bn in inflows (3rd straight week), the largest since August.

4. Q4 earnings season (II). "In aggregate, companies are reporting earnings that are 5.3% below estimates, which is below the 5-year average of 8.5% above estimates and below the 10-year average of 6.7% above estimates."

5. Q4 EPS revisions. And finally, outside of the Magnificent 7, S&P earnings revisions have been firmly negative.

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