EUROZONE ISSUANCE: EGB Supply W/C 22 December and Funding Plans Update

Front rates have seen a sizeable sell-off on the back of the above rescheduling of payrolls reports, on data fog grounds as the latest BLS report the Fed will now have for its FOMC meeting on Dec 9-10 being tomorrow's report for September. 

• SFRZ5 is 2 ticks lower since the news.
• FOMC-dated OIS now sees 9-9.5bp of cuts for the Dec meeting.

• Deputy Nicolas Vincent says in speech Wed Canada's cumbersome regulations deter investment.
• If productivity since 2000 stayed close to G7 peers Canada's GDP today would be 9% higher or CAD 7K per person.
• Increasing productivity allows Canadians to have higher incomes while keeping inflation close to Bank's 2% target, Vincent says.
• Productivity growth slowed from 3% in the 1960-70s to 1% in the last 2 decades.
• Speech doesn't give outlook for policy rate.

• The BLS has announced that its November jobs report will be rescheduled for December 16, coming after the Dec 9-10 FOMC meeting.
• It won’t publish an October report either, with the establishment survey added to the November publication.
• "BLS will not publish an October 2025 Employment Situation news release. Establishment survey data from the Current Employment Statistics survey for October 2025 will be published with the November 2025 data. Household survey data from the Current Population Survey could not be collected for the October 2025 reference period due to a lapse in appropriations. The household survey data is not able to be retroactively collected. The collection period for November 2025 data will be extended for both surveys, and extra processing time will be added."
• See the latest schedule here.