Most of the market’s focus will be on today’s initial jobless claims report at the bottom of the hour (along with Q1 productivity data) but the report I’m watching for is the March wholesale inventory report.
The consensus is for a 0.5% rise but I’m looking for a higher number or a revision higher in the February data.
US GDP fell on a surge in imports but those imports haven’t appeared in inventories despite data like this chart, which shows imports of roughly two years worth of metals products ahead of steel/aluminum tariffs.
Imports of finished metal shapes
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