Happy Monday everyone.
Premarket moves are subdued today, but all eyes are on bonds whose yields continue to rise. US 10-year bonds are up 8.4 basis points to their best levels of the day and so far this has not led to big bids on the US dollar, but they are gradually moving higher, led by the USD/JPY.
The highlight of this week is the US CPI report, but it won’t be available until Wednesday. For today, there’s nothing on the schedule for U.S. or Canadian data, but we are treated to a radio appearance from the Fed’s Goolsbee at 1 p.m. ET and a speech from Kashkari at 7 p.m. ET. We heard both of these testimonies last week, so I doubt they will change the market.
Expect some slowing in afternoon markets in the US today as the eclipse takes place. It will enter mainland North America at Mazatlan, in the northwestern Mexican state of Sinaloa, at 11:07 a.m. local time (18:07 GMT). It will leave the continent via the Atlantic coast of Newfoundland, Canada, at 5:16 p.m. local time (7:46 p.m. GMT).
For New York, the peak of the eclipse will be 90% at 3:25 p.m. ET (5:25 p.m. GMT). I’m on the path of totality, so I’m going to take advantage of whatever kind of cosmic luck this brings.
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