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Crude oil builds hit oil prices internationally this morning, while manufacturing slumped due to supply chain bottlenecks.

But the real story is this...

Fed Chair Jerome Powell finally admitted yesterday, at least, implicitly, there is too much stimulus demand (in the macro context) in the global economy and the Fed will have to accelerate its tapering, wrote Zero Hedge.

The Fed is going to have to get ahead of inflation with hikes in interest rates and an increased taper of security buying.

As we've said before...old Wall Street Proverb...Interest rates are low until they're not...

MBA Mortgage Applications (Nov 26) printed at -7.2%.

ADP Employment Change (Nov) printed at 534k vs 525k consensus estimate.

Markit Manufacturing PMI (Nov) printed at 58.3 vs 59.1 estimate.

Construction Spending (MoM) (Oct) printed at 0.2% vs 0.4% estimate.

ISM Manufacturing Employment Index (Nov) printed at 53.3 vs 51.1 estimate.

ISM Manufacturing New Orders Index (Nov) printed at 61.5 vs 63.3 estimate.

ISM Manufacturing PMI (Nov) printed at 61.1 vs 61 estimate.

ISM Manufacturing Prices Paid (Nov) printed at 82.4 vs 85.5 estimate.

EIA Crude Oil Stockpile Change (Nov 26) printed at -0.91M vs -1.237M estimate.

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