Futures subdued with inflation, jobless claims data in focus

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Futures subdued with inflation, jobless claims data in focus
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U.S. stock index futures were subdued on Thursday ahead of fresh economic data that could offer clues on the Federal Reserve's monetary tightening plans, while investors also waited for earnings from big banks after turmoil in the sector last month.

Wall Street closed lower on Wednesday after data showed consumer prices rose at a slower-than-expected pace in March, however, core prices remained sticky and supported the case for another 25-basis point rate hike by the Fed in May.

"There is certainly some optimism that prices are heading in the right direction and that inflation is slowing," said Michael Hewson, chief market analyst at CMC Markets UK. "However, against this sort of stodginess in core prices, it's hard to imagine inflation falling quickly enough to justify the sort of rapid repricing which would prompt the Fed to start cutting rates only months after their last rate hike."concerns of a recession following the banking sector stress and that several policymakers considered pausing rate hikes last month.

Data at 8:30 a.m. ET is expected to show producer prices barely rose in March on a month-on-month basis, following a 0.1% contraction in February. On a year-over-year basis, the index is seen climbing 3.0% last month after a 4.6% growth in February. Meanwhile, another set of data is also expected to show weekly jobless claims rose 232,000 in the week ended April 8, higher than the 228,000 claims filed a week earlier.

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