Short-dated futures responded more to this less optimistic forward-looking indicator than to the inflation reading given that it is not only backwards looking but also based on the fact that the ECB has already shown its readiness to raise rates on inflation grounds.
The 1, 600 marketing and advertising executives gathered for the Association of National Advertisers conference in Orlando are an optimistic, forward-looking bunch compared to the recession-racked crowd that assembled for this event last year.