Here's a handful from this morning, and one from yesterday. There's a theme here:
Winnebago: Revenue beat forecasts and the company said it saw an increase in sales growth...
General Mills: Beat earnings and revenue estimates, however lowered guidance citing "increasing cost pressure."
FedEX: Easily beat earnings estimates, and "revenue also beat forecasts on the strength of higher prices."
Steelcase: Handily beat earnings revenue estimates. The furniture maker said "its quarterly performance was better than it had anticipated, especially in the Americas and the Europe, Middle East and Africa regions.
PPG Industries: Upgraded to a buy at Deutsche Bank. "Confident that PPG will fully offset raw materials with price increase in 2H18."Theme: There's no recession on the near-term horizon, and -- as should be the case at this stage of the cycle -- inflation is picking up.
The Fed is more than justified in raising its policy rate a quarter-point today, while, per yesterday's post, we expect a generally soft tone on inflation in the statement and press conference.
In essence, on this we agree with economists surveyed by Bloomberg; there's enough inflation brewing to justify 4 hikes this year, but, per this week's message, the Fed's sensitivity to the equity market will likely have it promising only 3 for now: