- OPEC sees a nearly-balanced oil market in 2026
- Supreme Court will hear oral arguments about firing Lisa Cook on Jan 21
- White House says October CPI and jobs data likely never to be released
- Canadian consumer spending tracker continues to show resilience
- US sells 10-year notes at 4.074% vs 4.068% WI
- Fed’s Miran: Fed Policy is too restrictive
- Bostic: There are clearer and more urgent risks to price stability
- More from Fed’s Bostic: Firms are telling the Fed that policy is restrictive
- Fed’s Bostic to retire in February
- Fed’s Williams: It will not be long before Fed needs to expand reserves again
- China’s He Lifeng: China and US have vast room for cooperation in trade, economy
- Canada September building permits +4.5% vs +1.0% expected
Markets:
- Gold up $67 to $4194
- US 10-year yields down 4 bps to 4.07%
- WTI crude down $2.59 to $58.45
- S&P 500 up 0.2%
- CHF leads, JPY lags
The US House is scheduled for a 7 pm ET vote on the government shutdown so it shouldn’t be long before that wraps up. With that, we could get the September non-farm payrolls report as soon as Friday. That’s certainly dated now and the White House said that we might not get October CPI and non-farm payrolls ever, complicating the picture going forward.
Markets were choppy today with the US dollar mostly falling and equities flat. The dollar was firmer earlier and hit the highs of the day as New York ramped up but faded steadily from there to touch the lows of the day. On net though, the ranges were small.
USD/JPY was a larger mover on the day as the pair touched 155.00 but later retrated by 50 pips before bouncing. A drop in oil prices weighed on the US inflation outlook and that might have been some of the drag. In contrast, the 10-year auction demand was weak and that pushed yields up, helping the US dollar to bottom for the day.
The bigger moves were in gold and bitcoin, in opposite directions. Gold was near flat in early NY trade then shot more than $70 higher and broke $4200 and the 61.8% retracement of the late-October dip. However it sagged back down to $4192 late, leaving it right at that technical line.
Bitcoin struggled. It touched $105 early in the day but slumped hard after the equity open and fell as low as $100,880. That decline signaled some profit taking in US stock markets but it was counteracted by a 10% jump in AMD shares. Healthcare and industrials were also stronger on the day while Nvidia fell slightly and there were signs of a rotation out of Mag7 names.
This article was written by Adam Button at investinglive.com.