Stock Markets Today: CPI, Inflation, Oil, Gold, S&P 500, Fed Rate Cuts

Good morning. Some traders have made big bets ahead of today’s monthly US inflation report. Oil bulls are getting more bullish and Fitch turns negative on China’s debt outlook. Here’s what people are talking about. — Sofia Horta e Costa

Want to receive this newsletter in Spanish? Sign up to get the Five Things: Spanish Edition newsletter.

Economists forecast US consumer prices rose 0.3% in March on a monthly basis, both overall and excluding the more volatile food and energy costs. Some investors are positioning for a stronger print, after underlying inflation topped forecasts for a second month in February and recent data reinforced the Fed’s cautious approach to cutting rates. Treasury bond traders have turned so bearish in the futures market that they risk getting squeezed on a less than red-hot reading. And JPMorgan’s latest client survey showed investors abandoned their net long bias for the first time in almost a year. One trader placed a record-sized bet in the short-term interest-rate futures market yesterday — potentially in order to cover a short position. Before the report lands at 8:30 a.m. New York time take a look at three quick thoughts on CPI from Joe below.