5 things to start your day

[Bloomberg]( Trump hails Kim summit, inflation data due ahead of Fed decision, and May faces parliament vote. Singapore success President Donald Trump and Kim Jong Un signed a declaration that North Korea would work toward “[complete denuclearization of the Korean peninsula](,” with Trump saying representatives from the two sides will hold further meetings as [soon as next week](. While the agreement signed by the leaders [has no deadline]( for North Korea to give up its nuclear capability, the president said in a press conference that progress would be made quickly. For the moment, markets are taking a [wait-and-see approach]( to the summit as investors look for concrete moves from either side. Prices Consumer Price Inflation data[due at 8:30 a.m. Eastern Time]( today is forecast to show an annual rise of 2.8 percent in the headline rate and 2.2 percent in core. There would probably have to be a major surprise in this data to derail expectations of an [interest rate hike]( after the Federal Open Markets Committee two-day meeting which begins in Washington later. Speaking of policy makers, keep an eye on Argentina, where the central bank is due to make its rate decision with the peso remaining under severe [selling pressure](. Brexit vote British Prime Minister Theresa May faces the first of a [series of votes in parliament]( today on the Brexit bill, with some members of her party holding out against her with only hours to go before the first tally. This morning, her Justice Minister Phillip Lee [resigned his position]( to join rebels within her Conservative party. Voting begins at 10:00 a.m., with the main amendment today one which would give parliament a “meaningful vote” on any deal the prime minister agrees with Brussels. Markets quiet Overnight, the MSCI Asia Pacific Index gained 0.1 percent, while Japan’s Topix index closed 0.3 percent higher with the yen extending losses as haven demand waned. In Europe, the Stoxx 600 Index was 0.1 percent lower at 5:45 a.m. as investors ignored the political noise and turned their attention to the Fed and European Central Bank decisions later this week. S&P 500 futures pointed to a [small loss at the open](, the 10-year Treasury yield was at 2.957 percent and gold was slightly lower. Big deal AT&T Inc. will find out today if their [long-delayed $85 billion]( deal to acquire Time Warner Inc. will be allowed to go ahead when District Judge Richard Leon rules on the Justice Department’s lawsuit to block the takeover. Should the judge [reject the government’s case](, then the merger would be allowed to go ahead in six days, according to court documents. What we've been reading This is what's caught our eye over the last 24 hours. - Lagarde says clouds over the global economy are getting “[darker by the day](.” - The [$1.4 trillion]( U.S. ‘surplus’ that Trump’s not talking about. - U.S. auto tariffs would [slam Canada](. - Kudlow is [doing well]( after mild heart attack, White House says. - U.S. lawmakers seek to [restore ZTE penalties]( in defense bill. - Solar [surpasses gas and wind]( as biggest source of new U.S. power. - Why Guatemala’s volcano has been [more deadly than Hawaii’s](. And finally, here’s what Joe’s interested in this morning The price of Bitcoin and other cryptocurrencies has been on a dismal run in 2018, [with the pain intensifying in recent days](. What's most interesting about this is how the bear market coincides with an ongoing maturation of the space. The big crypto exchanges like Coinbase are in the process of becoming [full-fledged brokerages](, and people continue to [leave their traditional finance careers to jump into this area](. It would seem like something has to give. Eventually, the price declines (you would think) would cause the enthusiasm to greatly diminish. Or the price has to turn around. Something else to consider is that a lot of the announcements we see these days were probably in the works for a long time, and were put into motion late last year during the great crypto run-up of 2017. There's probably a lesson in that: It takes awhile for a market move to manifest itself in a publicly visible decision. Keep that in mind when thinking about the economic impact of a policy move like a rate hike or a tax cut. The transmission from a change in price or policy to an actual decision (on say, investment spending) naturally isn't going to show up for awhile. Like Bloomberg's Five Things? 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