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Tariff rate is yet to be determined.Full Post: "I am pleased to announce that we are doing a major Tariff Investigation on Furniture coming into the United States. Within the next 50 days, that Investigation will be completed, and Furniture coming from other Countries into the United States will be Tariffed at a Rate yet to be determined. This will bring the Furniture Business back to North Carolina, South Carolina, Michigan, and States all across the Union. Thank you for your attention to this matter!"(Truth Social)
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Full Post: "BIG NEWS: The United States of America now owns 10% of Intel, one of our great American technology companies. This historic agreement strengthens U.S. leadership in semiconductors, which will both grow our economy and help secure America’s technological edge. Thanks to Intel CEO @LipBuTan1 for striking a deal that’s fair to Intel and fair to the American People."
(X)
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MON: PBoC MLF, UK Summer Bank Holiday, German Ifo (Aug), US National Activity (Jul)TUE: RBA Minutes, Riksbank Minutes, NBH Announcement, US CaseShiller (Jun)WED: Australian CPI (Jul), Swiss Investor Sentiment (Aug), NVIDIA EarningsTHU: ECB Minutes, Swiss GDP (Q2), EZ Sentiment Survey (Aug), US GDP 2nd Estimate (Q2), US PCE (Q2)FRI: Japanese Tokyo CPI (Aug), Japanese Activity Data (Jul), German Retail Sales (Jul), French Prelim CPI (Aug), Spanish Flash CPI (Aug), German Unemployment (Aug), US PCE (Jul), Canadian GDP (Q2), University of Michigan Final (Aug)PBOC MLF (MON): PBoC left the Loan Prime Rates unchanged for the third straight month—1-year at 3.00% and...
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PREVIEWSPBOC MLF (MON): PBoC left the Loan Prime Rates unchanged for the third straight month—1-year at 3.00% and 5-year at 3.50%, matching full market consensus. Data continues to point to sluggish activity—factory output, retail sales, and new loan volumes remain weak. Policymakers are leaning on targeted structural tools, not broad-rate cuts, even as deflationary and credit-growth risks persist. Markets expect a hold on the MLF rate, in line with the unchanged LPR. It was also reported that the PBoC to inject CNY 600bln via one-year MLF loans on August 25th. ING notes, “The People’s Bank of China hasn’t made any...
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SNAPSHOT: Equities up, Treasuries up, Crude up, Dollar down.REAR VIEW: Powell turns dovish as he puts Sept. rate cut on the table; Oil deliveries to Hungary via Druzhba pipeline halted due to attacks; Hammack toes her hawkish tune; Collins in wait and see mode ahead of Sept. FOMC; Canada to remove counter tariffs on all US goods covered by USMCA trade deal; US considering 10% INTC stake; Fitch affirms US at 'AA+'COMING UP: Holiday: UK Summer Bank Holiday Data: German Ifo (Aug), US National Activity (Jul) Events: PBoC MLF Speakers: Fed’s Logan Supply: EU.WEEK AHEAD: Highlights include US PCE, PBoC...
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Bonds
US 2-Year Treasury Futures: Speculators trim net shorts by 55.06k, to 1.325mlnUS 5-Year Treasury Futures: Speculators trim net shorts by 57.99k, to 2.508mlnUS 10-Year Treasury Futures: Speculators increase net shorts by 3.29k, to 945.52kUS Treasury Bonds Futures: Speculators trim net shorts by 9.75k, to 51.04kUS UltraBond Treasury Futures: Speculators increase net shorts by 33.03k, to 242.16kEquities
S&P 500 CME: Speculators trim net shorts by 30.33k, to 365.80kS&P 500 CME: Fund managers cut net longs by 23.24k, to 864.08kFX
Euro: Net long position is 118.75kJapanese Yen: Net long position is 77.58kSwiss Franc: Net short position is -27.28kBritish Pound: Net short position is -25.19kBitcoin:...
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Higher tariffs, government spending cuts and tighter border controls and deportations, and surge in policy uncertainties slowed consumer spending and business investment.(Newswires)
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Contacts continue after Alaska summit.Hopes that the first steps are the start to the full scale restoration or relations; this sstill depends on the West.Sure Trump's leadership qualities will help restore ties.Discuss with American partners joint work in Russian artic and Alaska.(Newswires)
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May go one way or another on Russia.Will give Putin a couple of weeks.Decision on Russia will be important, whether sanctions or tariffs, or nothing. (Newswires)
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World Cup draw to be at the Kennedy Centre on December 5th.(Newswires)
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Canada currently has the best trade deal with the US, it is important they do everything they can to preserve Canada's advantage.Canada will retain tariffs on steel, aluminium and autos as they work with the US to resolve issues there.Canada will continue to take all measures necessary to support Canadian workers, businesses and consumers.Says "we'll see" when asked whether Canada and the US can strike a new economic security deal this Autumn.Carney says he and US President Trump see an opportunity to build on where the relationship already is, says foundation is very strong.We are not raising tariffs on US...
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Policy
When asked about Powell signalling for a September rate cut, says she heard that Powell was open minded about the policy outlook.Need to maintain modestly restrictive stance to get inflation back to target.Only a small distance away to the neutral rate. Fed needs to be cautious about any move to cut rates. Policy is only modestly restrictive.Reiterates her neutral rate estimate is towards the higher end of estimates.Inflation/Employment
Expects inflation and unemployment to rise.Tries not to take too much from one report, when asked about the July jobs report and revisions.Squarely focused on inflation side at the moment, but there is a lot...
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EPA will return RIN credits to refiners who complied with the law and were approved for exemptions. (Newswires)
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A bit more openness to the concept of extending SnapBack on Iran side. But no progress on moves Tehran would consider taking."I’d put SnapBack at highly probable."(WSJ/X)
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Holiday: UK Summer Bank HolidayData: German Ifo (Aug), US National Activity (Jul)Events: PBoC MLFSpeakers: Fed’s LoganSupply: EU(Newsquawk)
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Monday
Holiday: UK Summer Bank HolidayData: German Ifo (Aug), US National Activity (Jul)Events: PBoC MLFSpeakers: Fed’s LoganSupply: EUTuesday
Data: US CaseShiller (Jun), Durable Goods (Jul), Consumer Confidence (Aug), Atlanta Fed GDPEvents: RBA Minutes, Riksbank Minutes, NBH Announcement, Fed Discount Rate MinutesSpeakers: Fed’s Williams, Barkin; BoE’s MannSupply: Italy, USWednesday
Data: Australian CPI (Jul)Speakers: Fed’s BarkinSupply: Australia, UK, USEarnings: NVIDIA, Snowflake, CrowdStrike, HP Inc., Kohl'sThursday
Data: Swiss GDP (Q2), EZ Sentiment Survey (Aug), US GDP 2nd Estimate (Q2), PCE (Q2), Jobless ClaimsEvents: ECB MinutesSpeakers: BoJ's Nakagawa; Fed’s WallerSupply: Japan, Italy, USEarnings: Marvell, Dell, ULTA Beauty, Best Buy, Pernod RicardFriday
Data: Japanese Tokyo CPI (Aug), Japanese Activity Data...
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