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There are just two reports for today, both centered on the consumer. One is a gauge of inflationary pressures and the other a measure of sentiment.

The Consumer Price Index will be released at 8:30 a.m. ET. The consensus for the monthly change in the index, including food and energy, is for a rise of 0.4 percent. Without food and energy, the so-called core rate is expected to gain just 0.1 percent. Numbers that exceed the high end of the range at 0.6 percent would be considered highly inflationary and bearish.

The University of Michigan/Reuters Consumer Sentiment Index for May comes out at 9:55 a.m. ET. Economists expect a small rise in the index to 70 from the previous 69.8. The range of forecasts for the report is relatively narrow, from a moderately bearish 69.5 to a bullish 73. A number that breaks either end of the range, which is skewed bullish, would likely provoke a larger market reaction.

Source: Economic Reports Focus on the Consumer