U.S. Stock Futures Are Lower While The European Central Bank Announced Intention for 25bps Increase

U.S. stock futures are lower:  The European Central Bank announced its intention for a 25bps increase in July and further hikes in September, based on future inflation trajectory; also, will end its asset purchase program on July 1^st.  No change to current primary rates.  Growth forecasts were lowered for 2022 and 2023 but raised for 2024.  The ECB expects annual inflation at 6.8% in 2022, decreasing to 3.5% in 23’ and 2.1% in 24’.   U.S futures were trading higher before but trending down post ECB release.  The 10y treasury yield inched up roughly 4 bps to 3.06% and yields are higher across the curve.   Jobless claims from last week were 229k versus consensus of 210K   The CPI will be release tomorrow and the Fed meeting will occur next week, with expectations of a 50 bps hike in fed funds rate.  International markets are trading lower.