U.S. stock futures were flat early but swung higher following Fed Chairman Ben Bernanke’s comments and positive economic reports.
In a speech made this morning, Bernanke said that with the current high unemployment and low inflation, there is a “case for further action” on the monetary policy front. He reiterated that the FOMC is ready to provide “additional accommodation if needed.”
On the economic front, the pace of retail sales has picked up. The latest retail sales report showed broad based strength, with overall sales advancing 0.6% in September, following a higher revised 0.7% gain in August and a higher revised 0.3% in July. Today’s report shows the consumer is apparently in better shape than previously believed. A separate report showed a large increase manufacturing activity in the New York region. The latest report came in much higher than expected. Inflation, meanwhile, remains soft. The overall CPI slowed to 0.1% in September, while core CPI was flat.
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