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US Futures Move Lower After Data

US Futures move lower after data.  As expected, in Janet Yellen’s last meeting as Fed chair, the FOMC left rates unchanged.  The Fed expects inflation to heat-up as the year progresses and reach their 2% target.  On the data front, initial jobless claims fell to 230k, below estimates of 235k.  Non-farm productivity in Q4 fell 0.1%, well below the expectations of a rise of 0.7% and Q3 was revised lower.  Unit labor costs rose 2.0% in Q4, well above estimates of 0.9%.  At 9:45am the market will get a look at PMI manufacturing index which is expected to be unchanged from the flash PMI.  At 10am, ISM manufacturing index and construction spending will be released.  European shares are lower despite strong manufacturing PMI in the eurozone.  Asian shares closed mixed, however, Chinese shares fell despite stronger-than-expected Caixin manufacturing PMI.

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