CHILE: CPI Inflation Declines To 3.4% Y/y In October, Below Expectations
Nov-07 11:00
- "*CHILE OCT. CONSUMER PRICES RISE 3.4% Y/Y; EST. +3.7%" - BBG
- Follows a 0.4% m/m gain in September.
- "*CHILE OCT. CONSUMER PRICES UNCHANGED M/M; EST. +0.3%"
- Headline inflation slows from 4.4% y/y in September.
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MNI: US MBA: MARKET COMPOSITE -4.7% SA THRU OCT 03 WK
Oct-08 11:00
- MNI: US MBA: MARKET COMPOSITE -4.7% SA THRU OCT 03 WK
JAPAN: Nikkei: Takaichi Nomination Likely To Be Delayed
Oct-08 10:59
Latest from Nikkei: "Sanae Takaichi's economic measures delayed; Prime Minister nomination likely in late month; direct impact on US-China diplomacy"
"LDP President Sanae Takaichi is continuing coalition talks to form a new government. An agreement with the Komeito Party has been postponed, which is unusual, and the nomination of a prime minister is likely to be delayed until late October. The passage of the fiscal 2025 supplementary budget, which includes measures to combat rising prices, by the end of the year is looking increasingly difficult, which will have an impact on the diplomatic schedule."
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US TSYS: Lagging EGB Gains, 10Y Supply and FOMC Minutes Headline Docket
Oct-08 10:50
- Treasuries have extended yesterday’s gains, underperforming a stronger rally in EGBs on cautious political optimism with Italy and France leading gains.
- Today’s US docket is likely headlined by 10Y supply after a strong auction last month (yields are currently almost 7bps higher than last month’s high yield) as well as the FOMC minutes.
- Any sign of government shutdown progress will also be watched with Polymarket currently showing 74% chance of it ending Oct 15 or later.
- Cash yields are 0.2bp (2s) to 2.4bp (30s) lower on the day.
- The bull flattening sees 2s10s at 54.4b (-1.7bp), off yesterday’s almost month-long high of 58.2bp for back more firmly within recent ranges.
- TYZ5 trades at 112-25 (+03+) just off an earlier high of 112-25+, clearing yesterday’s 112-24 as it moves a little closer to resistance at 113-00 (Sep 24 high). Volumes are again very subdued at just 180k.
- Prior weakness was considered corrective, having yesterday probed support at 112-12+ (50-day EMA), with the trend structure remaining bullish.
- Data: Weekly MBA mortgage data (0700ET), Federal budget balance Sep (1400ET)
- Fedspeak: FOMC minutes (1400ET) plus Musalem (0920ET), Barr (0930ET), Goolsbee (1000ET & 1915ET), Kashkari (1515ET & 1630ET), Barr (1745ET) – see STIR bullet
- Coupon issuance: US Tsy $39B 10Y Note auction re-open - 91282CNT4 (1300ET). Last month’s auction was strong as it stopped through by 1.4bps and saw bid-to-cover rise from 2.35 to 2.65.
- Bill issuance: US Tsy $69B 17W bill auction (1130ET)
- Politics: Trump participates in roundtable on ANTIFA (1500ET)
