FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

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MNI: PBOC To Aim To Drive Inflation Higher- Advisors

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MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

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What to Watch: Fed Harker, Barkin Coming Up

US TSYS
  • Rates trading firmer, drifting off recent highs. No obvious headline driver, US markets appear to be following German Bund's lead (trading 133.45 high, through 133.11 50D EMA resistance).
  • Tsy 30Y Bond leading, curves bull flattening (2s10s -6.125 at -74.100) as futures reverse Monday's weakness. Currently, Sep'23 30Y futures +1-7 at 122-25 vs. 123-03 high. Tsy 10Y futures marked 111-22 high (through initial resistance of 111-18.5 the 20D EMA resistance, focus on 112-07 next, Jul 27 high). Volumes rather heavy for a summer session, TYU3>520k.
  • Fed speakers coming up: Philly Fed Harker economic outlook, text, Q&A at 0815ET followed by Richmond Fed Barkin economic outlook, Q&A at 0830ET.
  • Upcoming data: Trade Balance at 0830ET; Wholesale Trade Sales/inventories at 1000ET.
  • Treasury supply picks up with $55B 42D CMB, $40B 52W bill auctions at 1130ET, upsized $42B 3Y Note auction (91282CHU8) at 1300ET.
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