S&P 500 futures firmed 0.15% in early trading, buoyed by corporate buyback announcements. Market watchers expect buyback activity to provide downside protection into quarter-end. But Scotland’s police officer numbers have already dropped to the lowest level in 15 years, with the total having declined by nearly 400 in the year to June 30. The force had 27 fewer officers than in March 2007, just before the SNP took power. Inflation expectations held fairly steady, with the one-year outlook at 4.7% and the five-year at 3.7%. Current conditions and future expectations indexes also registered declines. Pre-market indicators show S&P 500 futures modestly positive, powered by defensive stock rotation. This could reflect a hedge against near-term macro uncertainty.