Morning bid: New stock records jump the CPI gun

Markets seem to have got bored waiting for today's big U.S. inflation print and stocks zoomed to new records in advance, taking slivers of comfort from Tuesday's producer price readout and a relatively relaxed Federal Reserve chairman.

Aside from the meme stocks redux that's moving into its third day and generalised bullishness in fund manager surveys, there wasn't a great deal of new information to trigger the new highs. "I expect that inflation will move back down ... on a monthly basis to levels that were more like the lower readings that we were having last year," Powell said at a banking event in Amsterdam.

Perhaps lost in the inflation focus is today's release of April retail sales data - a pretty important element in road testing second-quarter U.S. growth estimates still running north of 4%.

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