Aside from the poor auctions, traders very much have their eyes on the inflation data due Tuesday, with some hopes that another soft print could be further evidence towards a downward trend. There was an earlier outperformance towards tech stocks (NDX > SPX) amid the fall in yields, although that unwound into the close as bonds dipped back lower after very-poor 3yr and 10yr auctions from the Treasury. Stocks were firmer on Monday as participants position into Tuesday's CPI, accompanied by a softer Dollar and broader risk appetite. Try a 14 day trial with Newsquawk and hear breaking trading news as it happens.
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SHANGHAI COOPERATION ORGANIZATION (SCO) SUMMIT PREVIEW: The Shanghai Cooperation Organization (SCO) members include China, Russia, India, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Uzbekistan, and Iran.įor the full report and more content like this check out Newsquawk. Meanwhile, American Express (AXP) and Bank of America (BAC) both gave positive commentary on the state of the consumer, with the former saying it isn't seeing any significant signs of weakness across its business. Meanwhile, policymakers will have cheered to see the latest NY Fed consumer inflation expectation gauges Monday falling to 10-month and two-year lows in the 1yr ahead and 3yr ahead gauges, respectively - an incremental assurance of 'anchored' inflation expectations. While some Fed officials have said the August CPI won't alter the Fed's decision on a 75bps September hike, any upside prints do risk skewing the distribution of outcomes towards more aggressive tightening paths going into year-end. For the full report and more content like this check out Newsquawk.
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