Breakfast Bites - Quiet Monday before a hectic week

Rise and shine everyone.

It’s a quiet Monday ahead of a hectic week. We have a CPI, PPI, the Fed Meeting, Retail Sales, and Flash PMIs this week.

Today is relatively quiet with a $50B 3-year note auction and a $37B 10-year note auction. Tomorrow’s CPI data will be the one to watch since it’s the last data point the Fed has to consider before their rate decision on Wednesday.

Outside the US, we have the Bank of England, ECB, and Swiss National Bank rate decisions on Thursday.

In other news, volatility spiked on JPY after the financial press reported that BoJ does not see a need to end negative rates in Dec, refuting speculation on Thursday, Dec 7. The USD/JPY is up crossing 146.21. This is also a reason the US Dollar Index is higher, crossing 104.

US Equity futures are lower this morning ahead of a volatile week. Trading chatter suggests that traders are ready to buy the dip if the market pulls back.

Yields are higher across the board with the Yield Curve at -0.49%. Gold pulls back to $1994/oz and the Oil is hovering around $70/bbl after a spike to $71.77. Bitcoin fell sharply, over 7% to 40,659 but has since recovered to 42,322.

The only earnings report of note is Oracle after the close.

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