Morning Juice - US Session Prep

Sentiment
Treasuries rose slightly, outperforming European bonds, as investors look unconcerned about price pressures ahead of a key report on US inflation. The dollar gained against most G10 peers as the trade war ratcheted up a notch, with the US imposing new levies on steel and aluminum while the European Union launched countermeasures.

European stocks advanced after Trump sought to reassure about the outlook for the US economy and Ukraine accepted a proposal for a 30-day truce with Russia.

Bank of Japan officials see several reasons against intervening in the bond market even after benchmark yields hit the highest level since 2008, according to people familiar with the matter, elaborating on the thinking behind recent remarks from Governor Kazuo Ueda.

Docket
8:30 AM ET
US CPI YoY Forecast 2.9%, Previous 3% Range 3.2%/2.6%
US Core CPI YoY Forecast 3.2%, Previous 3.3% Range 3.3%/2.9%
US CPI MoM Forecast 0.3%, Previous 0.5% Range 0.9%/0.2%
US Core CPI MoM Forecast 0.3%, Previous 0.4% Range 0.4%/0.2%

9:45 AM ET
BoC Rate Decision Forecast 2.75%, Previous 3.00%
BoC Rate Statement

10:30 AM ET
EIA Crude Oil Inventories Forecast 2M, Previous 3.614M Range 3.728M/1.5M
EIA Distillate Inventories Forecast 0M, Previous -1.318M Range 2M/-1.796M
EIA Gasoline Inventories Forecast -1.613M, Previous -1.433M Range 2M/-3.7M
EIA Crude Cushing Inventories 1.124M

1 PM ET
US sells $39 bln 10-Year Notes

Events/Speakers
8:45 AM ET
ECB’s Centeno Speaks

9:45 AM ET
ECB’s Nagel Speaks

10:30 AM ET
BoC Press Conference w/ Gov. Macklem

11:15 AM ET
ECB’s Lane Speaks

12:30 PM ET
ECB’s Panetta Speaks

Trump’s Schedule