The main events of the week for both the US and Canada are coming up today.
First is the US CPI report at 8:30 am ET (1330 GMT) and it comes with the market pricing in an 85% chance of a Fed cut next week and 82 bps in easing in 2025. I wrote a full preview of the report here.
After that, the focus will shift to the 9:45 am ET decision on rates from the Bank of Canada. The market is pricing a 90% chance of a 50 basis point cut as the loonie teeters near a four-year low. Here is a preview of the BOC decision. Macklem will hold a press conference at 10:30 am ET.
The final highlight comes at 1 pm ET with a 10-year Treasury auction. Yields have ticked up 2-3 bps across the curve so far today. For more, see the economic calendar.