Bank of England's Bailey testifying
The panic move by the Bank of England today has changed the equation for the moment but I'll note that gilt yields haven't stayed at the lows of the day and are up to 4.25% from a low just above 4%. All eyes are there and on the broader fixed income market. I can't help but think this move just allows UK bond sellers to dump them on the BOE.
On the US economic calendar at the bottom of the hour, we'll get the August trade balance report and wholesale inventories. There's no consensus on trade but the prior was -90.19B and it's an important input in GDP. Then at 10 am ET, the US pending home sales report for August is due.
Weekly oil inventories are up at 10:30 am ET. WTI is up 50-cents at the moment.
The Fed calendar includes:
- Bostic at 8:35 am ET
- Bullard at 1010 am ET
- Powell's pre-recorded comments at 1015 am ET
- Bowman at 11 am ET
- Evans at 2 pm ET on a panel with the BOE's Dhingra
