Sen. Eric Schmitt (R-MO) is drawing speculation as Vice President JD Vance’s potential running mate in 2028, Axios reported Tuesday.
Vance views the 51-year-old Missouri Republican as “trustworthy, intelligent, articulate and a deft political operator,” according to the outlet. Secretary of State Marco Rubio appears to be the early favorite to be Vance's vice presidential pick, though two years is a lifetime in politics.
Schmitt has built his reputation taking on Biden administration policies, challenging alleged government censorship and helping advance President Donald Trump’s agenda.
Vance has already made his admiration clear publicly. Speaking to Semafor last year, the vice president called Schmitt “one of the Trump administration’s most valuable allies on Capitol Hill,” praising his relationships inside Washington and his understanding of what Republican voters want from their leaders.
As Missouri attorney general, Schmitt jointly led a coalition of 10 states challenging Biden’s COVID vaccine mandate for federal contractors in 2021. The lawsuit put him on the front lines of Republican resistance to the administration’s pandemic requirements.
Schmitt followed that with Missouri v. Biden in 2022, accusing federal officials of pressuring social media companies to suppress constitutionally protected speech. The litigation became a defining part of his push against government censorship and reached a settlement in March 2026. Schmitt hailed the agreement as a victory for Americans’ First Amendment rights.
Since arriving in the Senate, Schmitt has continued targeting federal bureaucracy and diversity, equity and inclusion programs. The senator has also proposed allowing Americans to sue federal officials who violate their speech rights online, extending the fights that shaped his tenure as attorney general.
Schmitt’s standing in Trump’s orbit also reflects his work moving legislation. The senator managed the president’s spending cuts bill on the Senate floor in 2025 and participated in negotiations over Trump’s major tax and spending package, Semafor reported. Those roles gave the first-term senator influence beyond his seniority and demonstrated his usefulness to a White House seeking results from congressional Republicans.
Tyler Durden Wed, 09/30/2026 - 09:05Authored by Wolf Richter via Wolf Street,
The size of the repo market has ballooned to over $13.5 trillion in outstanding agreements daily, according to the government's Office of Financial Research (OFR). Via the repo market, financial institutions borrow from, and lend to, each other mostly overnight, but also for longer periods, such as for one week, secured by high-quality liquid collateral with a "haircut."
About 70% of repos are secured by Treasury securities. The rest are secured by agency securities, such as MBS issued by government-sponsored enterprises (GSEs Fannie Mae and Freddie Mac), and also high-grade corporate bonds and Asset-Backed Securities (with a bigger haircut, the bigger the risk, the bigger the haircut).
Some institutions lend cash to the repo market for the yield and liquidity, such as money market funds. Others lend cash to the repo market to borrow Treasury securities they need for margin requirements on other trades, such as hedge funds. Dealers act as intermediaries between lenders and borrowers.
An analysis by the New York Fed today outlines who the biggest borrowers and lenders in the repo market are.
Biggest cash borrowers in the repo market: Hedge Funds.Far ahead: Hedge funds (HFs) engaged in the "basis trade" borrowed $3.0 trillion in the repo market as of July 2025, up from $2.5 trillion in July 2024, $1.1 trillion in July 2022, and $664 billion in July 2017, according to the New York Fed's analysis today (top red line in the chart below).
With the "Treasury cash-futures basis trade," hedge funds purchase Treasury securities and sell Treasury futures contracts, thereby profiting from the spread between them. But the spread is small, so they lever up their strategy by borrowing cash in the repo market, and putting up the Treasury securities as collateral, thereby multiplying their returns through vast amounts of leverage.
Hedge funds in the basis trade provide liquidity in the Treasury market, as they're big leveraged buyers of Treasury securities.
But when the basis trade encountered a rough spot in March 2020, and hedge funds had to unwind some of their positions, the Treasury market locked up. The effort to untangle this issue was one of the reasons the Fed cited for its massive Treasury purchases in March 2020.
The Fed has cited hedge funds, with their vast leverage and dense opacity, as a primary risk to financial stability, and they didn't disappoint in March 2020, and again came to the Fed's attention for their part in the repo market blowout in the fall of 2019.
Far behind, the next 3 largest borrowers: US branches and agencies of "Foreign Banking Organizations" (FBOs) at $445 billion; US banks (US Depository Institutions or USDIs) at $422 billion; and Real Estate Investment Trusts (REITs), especially mortgage REITs, at $313 billion, as of October 2025, for a combined $1.2 trillion.
Chart via the New York Fed, sources: OFR, Federal Financial Institutions Examination Council (FFIEC), and the St. Louis Fed's FRED database.
Biggest cash lenders in the repo market: money market fundsFar ahead: Money market funds (MMFs) lent $3.0 trillion to the repo market as of January 2026, having tripled from July 2020. The high occurred in April 2023 at $3.3 trillion (top gray line in the chart below).
Lending to the repo market provides MMFs with short-term investments, including overnight with next-day liquidity, in high-grade securities, backed mostly by Treasuries. Overnight repos allow MMFs to manage their redemptions while keeping their cash invested.
Total MMF balances rose by nearly $1 trillion over the past 12 months, to $8.4 trillion in Q2 2026, including a record $5.1 trillion held by households, and a substantial portion of that was invested in the repo market.
Far behind: Hedge funds (HFs) lent $1.3 trillion to the repo market as of July 2025 (red in the chart below), in part to invest short-term their otherwise uninvested cash; and in part for "collateral transformation" purposes through a dealer where they in effect borrow Treasury securities from the repo market that they then post as collateral, such as to meet strict margin requirements for derivative trades. Hedge fund leverage is multi-layered and complex.
On net, hedge funds are far bigger borrowers from the repo market ($3.0 trillion), than lenders to the repo market ($1.3 trillion), with net borrowing amounting to about $1.7 trillion at that time.
Further behind: US banks (USDIs: $689 billion, brown line, as of October 2025); US branches of foreign banks (FBOs: $419 billion, light blue line, as of October 2025), and the GSEs ($249 billion, dark blue line, as of July 2025):
Chart via the New York Fed, sources: OFR, Federal Financial Institutions Examination Council (FFIEC), and the St. Louis Fed's FRED database.
The $13.5 trillion repo market interconnects a large spectrum of financial institutions, including dealers, banks, hedge funds, money market funds, and the GSEs, through short-term cash and collateral exchanges.
Due to the repo-market interconnectedness and vastness, liquidity problems in one corner of the repo market - visible when repo rates, such as SOFR, soar - can spiral out into the rest of the financial system in no time.
To tamp down on liquidity issues before they spiral out into the financial system, the Fed set up its Standing Repo Facility (SRF) in July 2021, where approved banks can borrow from the Fed at its SRF rate (4.0% since the rate hike on Sep. 16) and a haircut to lend to the repo market to profit from the spread and bring down repo rates again in the process, which is what they did during the repo market squiggles in September through December 2025, that might have spiraled out into the financial system otherwise:
Tyler Durden Wed, 09/30/2026 - 08:45Futures are higher with S&P leading both tech and small caps ahead of today's core PCE data and Micron earnings after the close, as yields remain sticky, unchanged from yesterday's multi-decade highs, and the USD fractionally lower. As of 8:00am ET, S&P futures are flat, with Nasdaq futures down fractionally as semis dip -20bp lagging the broader Tech tape but leading Software (-54bp) and Memory (-80bp) after Korea's Kospi closed lower erasing an early bounce. In premarket trading, Mag7s are the leaders (+28bp) ahead of Micron later. Ex-Tech, the other major sectors are indicated higher pointing to an ‘Everything Rally’ / broadening, albeit on low volume and conviction. With US/Iran deal optimism supporting markets, JPM's market intel desk, which this week reverted back to being tactically bullish, says that an actual deal likely triggers a tactical squeeze / broadening. Treasuries were little changed a day after 30-year yields hit their highest since 2002. The dollar held near its highest level since July. Commodities are rebounding led by energy: Brent rose modestly to above $103 a barrel, up about 14% for the month despite signs that crude flows from the Middle East are returning to pre-war levels; WTI is above $90/bbl, base metals are leading precious (gold flat; silver down), and ags seeing a broad-based bid. Today’s macro focus is on PCE and 4x Fed speakers with yesterday’s highlight being Williams whose comments pointing to 1x more hike in 2026, not 2x. If PCE prints cooler, we may see a material repricing in bond yields lower.
In premarket trading, Mag 7 stocks are mixed: Alphabet +1%, Nvidia +0.1%, Amazon -0.2%, Apple little changed, Tesla -0.8%, Microsoft -0.1%, Meta Platforms -1%
In other corporate news, Boeing beat Northrop Grumman to produce the Navy’s next fighter jet, the F/A-XX, with the award valued at more than $20 billion. Concentrix cut its revenue forecast for the year, which Bloomberg Intelligence says highlights “stronger near-term headwinds for customer-experience outsourcing.” Paramount’s delays in financing debt to fund the Warner Bros. Discovery deal could cost the company up to half a billion dollars a year more in interest payments.
Stock futures are edging higher on the last day of a tricky month dominated by surging bond yields - fueled by a sharp repricing of expectations for US interest rate hikes to contain energy-driven inflation - stubbornly high oil prices and alarming AI headlines. Equity volatility has been remarkably subdued, given the backdrop, but hedge funds now seem to be positioning for more volatility. The S&P 500 limited its losses in part thanks to a narrow rally in AI-linked stocks on optimism over the sector’s prospects, a view that will face a test when Micron reports after the close. Treasuries pared gains to leave US 10-year yields only down 1 bp at 5.22%.
“The bar is so, so high that they’ll likely be very good numbers, but it all feeds through into the demand story that we need to keep seeing,” said Rory McPherson at Magnus Financial Discretionary Management. “So long as that holds, I would expect the tech trade to keep moving.”
With a report on US private payrolls and the latest gross domestic product update due alongside the PCE release, Ipek Ozkardeskaya at Swissquote noted that different combinations of readings could have a range of outcomes for markets. “A combination of robust growth and a recovery in the jobs market would allow the Fed to hike rates to fight rising inflationary pressures, provided that price pressures look concerning,” she said. “That would keep upward pressure on short-term yields and the US dollar, while weighing on equities.”
But it is the core PCE that will be key for direction today. Bloomberg Economics expects the report to show an acceleration in monthly inflation. For PCE price indexes, Bureau of Economic Analysis updated methodology for calculating inflation in three components is expected to trim August year-on-year change by a few tenths of a percentage point.
Growth and jobs data below expectations and elevated inflation could see the gap between two- and 10-year US yields narrow, threatening risk appetite and weighing on the dollar. Strong GDP and jobs figures coupled with a softer-than-expected PCE reading would be the best possible scenario, easing pressure on yields and supporting equities, though also the furthest from her base case.
While equities are ending September little changed from the start of the month, market breadth is weak, with S&P 500 equal-weight lagging the cap-weighted set for the largest monthly underperformance on a down month since 2020. Stocks have been held up by tech and AI gains, putting Goldman Sachs’ High Beta Momo Index on track for its best month since June 2000.
Besides the PCE data, Micron’s latest results will be keenly watched - more for the chipmaker’s commentary and outlook than headline results (consensus expects 355% year-on-year sales growth). We will have a full preview shortly. Elsewhere in tech, there were a flurry of headlines from OpenAI’s DevDay - from fundraising plans to the unveiling of personal AI agent Dots.
On the AI safety narrative, Trump endorsed using independent audits to assess the safety of AI systems through an accord with Silicon Valley leaders that seeks to sidestep new government rules in addressing rising concerns about AI risks. Not every one is convinced. We don’t know whether AI represents an existential threat, but “the policy response is a superficial rebranding attempt,” says Jonestrading’s Mike O’Rourke.
Apollo Chief Economist Torsten Slok, meanwhile, asks if AI customers will generate a lot more cash than analysts expect, or if tech firms’ cash flow forecasts are too optimistic, as both outlooks can’t be correct at the same time. It “raises the question of who exactly will be writing all those checks to buy AI services,” notes Slok.
As reported previously, hedge funds net sold global stocks for the first time in five weeks through Sept. 24, while buying US tech more than any other sector for a fourth straight week, according to Goldman Sachs’s Prime desk. Barclays strategists, meanwhile, note that equities continued to see inflows in September but they say momentum is fading as higher rates diminish the appeal of the so-called TINA trade.
European stocks were set for their first monthly decline since March. Inflation overshot estimates in France and Italy, increasing pressure on the European Central Bank to continue raising interest rates. The 10-year French yield premium over safer German peers widened one basis point to 120 basis points, the highest since 2012. Here are the biggest movers Wednesday:
Asian stocks rose for the first time in three days, as oil prices steadied. The MSCI Asia Pacific Index was up 0.8% in late afternoon trading, and is on track to close the quarter nearly 1% higher. Japan led the gains Wednesday while Thailand and South Korea fell. While crude prices have since steadied, its earlier retreat on signs of easing supply disruption helped alleviate investor concerns about energy-induced inflationary pressures. The rebound in equities also came after a brutal selloff in global bonds took a breather.
In FX, the BBG dollar index is modestly lower while the pound sits atop the G-10 FX pile, rising 0.3% against the dollar after UK GDP was unexpectedly revised higher for the second quarter. Sterling also seemed to derive support from UK PM Andy Burnham suggesting he could campaign to take Britain back into the European Union at the next general election. The Aussie dollar is at the other end of the table, underperforming peers after Australian CPI rose less than expected. The euro adds a few pips after hot French and German state CPI data. Elsewhere, Chinese property stocks reversed losses as investors looked past a mortgage subsidy program that fell short of expectations and focused on the possibility of further support measures.
In commodities, WTI crude oil futures advance, reversing some of yesterday's drop while Brent crude futures for December rise 1% to around $97 a barrel, sapping some of the earlier upside in bonds. Bitcoin is fractionally higher, trading just under $84K.
In rates, treasuries pared earlier gains and are narrowly mixed in early US session, keeping yields within a basis points of Tuesday’s close. US 10-year yields near 5.24%, reversing an earlier drop, and lagging German counterpart by about 4bp, UK’s by about 1bp. Following comments by Fed’s Williams on Tuesday, tightening priced into front-end swaps has ebbed to around 12bp for the October decision and a combined 32bp over the October and December meetings. European bonds outperform following data including French and German CPI readings and UK GDP. IG dollar issuance slate includes a couple of names so far. Paramount Skydance Corp.’s eight-tranche, $30 billion offering is expected to be priced, with terms ranging from two to 40 years. Initial price talk for the 2066 maturity is a spread of about 3.65 percentage points vs the Treasury benchmark. The US session includes a raft of economic releases headed by August personal income and spending and its PCE price indexes, and comments by four Fed officials.
“We’re remain sellers of OATs against the Bund,” said Kevin Thozet at Carmignac in Paris. “The economy in France is deteriorating while improving at the same time within its neighbors. We think the direction of travel is toward 150 basis points, at which point we’d have to reassess.”
US economic data slate includes September ADP employment change (8:15 a.m.), August personal income and spending, 2Q GDP revision, and August wholesale inventories (8:30am) and September MNI Chicago PMI (9:45 a.m., several minutes earlier for subscribers).Fed speaker slate includes Richmond’s Barkin (1:30 p.m.), Governor Cook (3:25 p.m.), Chicago’s Goolsbee (5:10 p.m.) and Minneapolis’s Kashkari (6 p.m.)
Market Snapshot
Top Overnight News
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were ultimately mixed following the recent drop in oil prices and upside in long-term US yields, while participants digested a slew of data at month- and quarter-end. ASX 200 rallied with nearly all sectors in the green and real estate leading the advances as softer-than-expected headline monthly CPI data and a wider contraction in building approvals lessened the odds for an RBA November rate hike. Nikkei 225 gapped above the 66,000 level and continued to advance with the index shrugging off disappointing Industrial Production and Retail Sales data, in which the former showed a surprise contraction. KOSPI traded indecisively amid weak data and tensions with North Korea after a DMZ landmine explosion injured South Korean officers, while South Korea's military stated that North Korea's fortification works increased tensions in the Korean peninsula and that it should apologise for its fortification works.
Hang Seng and Shanghai Comp were mixed, with the Hang Seng indecisive and the mainland mildly underpinned following the encouraging Chinese PMI data, in which headline official Manufacturing PMI matched estimates at 50.1, and Non-Manufacturing topped forecasts and returned to expansion territory at 50.2 (exp. 49.3), while RatingDog Manufacturing and Services PMIs were both stronger-than-expected. In addition, the PBoC recently announced support measures including a 25bps cut to the Pledged Supplementary Lending facility rate to 1.50% from 1.75%, while participants look ahead to the National Day holidays and the week-long closure in the mainland beginning tomorrow.
Top Asian News
European bourses (STOXX 600 +0.1%) were initially posting gains across the board, but have since waned off best levels as energy benchmarks move higher. Sectors highlight the positive bias. Retail tops the sector pile, with Utilities and Optimised Personal Care rounding out the sector gainers. To the downside is Media, Energy and Construction. Key movers include: Greggs (+7.5%), guides a modestly improved outcome for 2026; Gerresheimer (+3.1%), Q2 metrics rises Q/Q and points to a stronger H2'26; TomTom (+1.7%), expands its Microsoft (MSFT) collaboration; Commerzbank (-2.7%), downgraded to hold from Buy at Deutsche Bank.
Top European News
FX
Fixed Income
Commodities
Trade/Tariffs
Central Banks
Geopolitics: Iran
Geopolitics: Other
US Event Calendar
Central Banks
DB's Jim Reid concludes the overnight wrap
Good evening from Phoenix where I’m just about to go to bed after I press send here. I’m the keynote lunchtime speaker at our huge long standing annual LevFin conference which attracts over a 1,000 investors and issuers. I’m literally hemmed in by golf courses here which is a bit tortuous not having clubs with me and having to work.
While I'm away, we're running our end-Q3 market survey. There are several highly topical questions this month. One asks respondents to rank the key drivers behind the recent rise in yields, while another explores how the US is ultimately likely to address its fiscal challenges. We also have a couple of timely questions on oil and on how the Iran conflict may evolve ahead of the US midterm elections. I would be grateful if as many of you could fill in as possible. It should take 2-3 minutes and can be accessed here.
As we await today's latest US core PCE, and arrive at quarter-end, markets have put in a pretty mixed performance over the last 24 hours, with divergent signals across the major asset classes. On one level there was relief, as oil and gas prices fell back again thanks to some positive supply headlines, with Brent crude down -2.56% to $102.59/bbl. And together with NY Fed’s Williams suggesting there is no “urgency” for the next hike, that helped to dial back expectations of Fed tightening. However, it wasn’t all good news, as the 30yr Treasury yield (+1.9bps) rose for a sixth consecutive session, reaching a post-2002 high of 5.67%. And despite the energy pullback there were still other signs of stress, as US and European HY spreads reached their widest since April, whilst the Franco-German 10yr spread rose to its widest level since 2012.
We’ll start with the energy news, as the turnaround in oil and gas prices was one of the big stories yesterday. At the European open, it looked like we were set for another day of gains, with Brent crude initially rising to $107/bbl. However, several headlines contributed to the pullback, including a Reuters report that Saudi Arabia had resumed oil loadings from the port of Yanbu. And that follows on from Bloomberg’s report the previous day that Saudi Arabia had now restored around half the flows through the East-West pipeline.
Meanwhile, the US announced that it will offer up to 40m barrels from its Strategic Petroleum Reserve, in what would be its last drawdown in the coordinated global release of oil announced earlier in the year. So that helped oil prices stage a decent intraday turnaround. Brent settled -2.59% lower while WTI crude (-3.48%) saw a larger decline to a 4-week low of $89.48/bbl, with the gap between the two benchmarks widening as the current front-month Brent future expires today. Meanwhile, European natural gas (-4.95%) saw an even bigger decline.
Yet even with the pullback in oil and gas prices, investors struggled to get too excited. There are still no obvious signs of progress towards a deal, and we actually saw longer-dated Brent futures move up once again, with the December 2027 future up another +0.65% yesterday, reaching a new high of $80.81/bbl. So for investors, they’re still pricing in a lengthier period of disruption, even as increased oil flows out of the Gulf have eased the near-term pressure.
That backdrop led to a mixed session for US Treasuries. Initially, yields hit fresh highs across most of the curve before paring back those gains, with the 10yr yield ending the day unchanged at its post-2007 high of 5.24%. Despite the eventual pullback, there was still a fresh milestone for 30yr yields (+1.9bps), which reached a post-2002 high of 5.57%. However, at the front end the 2yr yield fell -5.4bps, and therefore we saw a decent sized steepening on the day.
In addition to the decline in energy prices, the front-end rally was helped by comments from NY Fed President Williams, who said that he saw one more rate hike “late this year” as appropriate and that “there is no need for urgency” following the September hike. So that suggested a high bar to hike as soon as the next meeting in October, and money markets cut back the pricing of an October rate hike from 70% to 47% in response. In other Fedspeak, Governor Barr signaled that further hikes are likely without offering any colour on their likely pace, while St Louis Fed President Musalem suggested that “policy remains somewhat accommodative” after the September hike.
Meanwhile, we also got a slightly weaker set of second-tier US data. The somewhat backward-looking job openings for August showed an unexpectedly big slowing to 7.079m (vs. 7.228m expected), which is their lowest level in 5 months. In addition, the Conference Board’s consumer confidence measure also saw an unexpectedly big fall to 81.9 in September (vs. 89.0 expected), marking its lowest level since 2014. We did get some more upbeat house price data, with the S&P Case Schiller (+0.32% vs +0.20% expected) and FHFA (+0.3% vs +0.1% expected) series both seeing larger monthly increases. Next up, we have today's core PCE and the jobs report on Friday, which are likely to get far more attention.
Given all that, US equities struggled to gain traction as well yesterday, with the S&P 500 (-0.17%) slipping back for a second day running. That retreat was fairly broad, with energy (-0.89%) and materials (-0.55%) sectors leading the decline in the S&P 500, while the small-cap Russell 2000 fell -0.35%. The decline would have been worse were it not for a jump among chip stocks, as the Philly semiconductor index rose +1.32%. That move came as Trump pushed back against the idea of new federal AI regulations in a meeting with top AI and tech executives, which agreed on a framework for voluntary audits.
European equities were mixed, with the CAC (-0.53%) and FTSE 100 (-0.45%) leading the Stoxx 600 (-0.09%) lower, though the DAX (+0.10%) eked out at advance.
European bonds mostly struggled to gain traction, despite the boost from lower energy prices. To be fair, there were some that advanced, and the 10yr bund yield (-1.7bps) fell back from its post-2009 high of 3.64%. However, there was a worse performance elsewhere, with the 10yr OAT yield (+4.2bps) at a post-2008 high of 4.81%, whilst the 10yr BTP yield (+2.2bps) hit a post-2023 high of 4.61%. And in turn, that meant the Franco-German 10yr spread continued to widen, up to another post-2012 high of 118bps by the close. This widening came as France’s debt agency unveiled a plan to borrow a record €340bn in 2027 and amid protests by public-service staff and students ahead of the formal presentation of France’s 2027 budget tomorrow.
Fiscal issues also got some attention in the UK yesterday as Prime Minister Burnham spoke at the Labour Party’s annual conference. His proposed plans included dropping the current pension triple lock after 2030, opening the door to public ownership of water companies and suggesting that the UK will seek a closer relationship with the EU. The 10yr gilt yield ended the day -1.0bps lower.
Asian equity markets are mostly higher this morning, with the Nikkei (+1.28%) leading the gains, while the S&P/ASX 200 (+0.79%), Shanghai Composite (+0.30%), and CSI 300 (+0.18%) are also trading higher. In contrast, the KOSPI (-0.27%) has surrendered its early gains, while the Hang Seng (+0.03%) is flat. S&P (+0.23%) and Nasdaq (+0.23%) futures are higher with Stoxx (+0.69%) contracts even more so.
Early morning data showed that China’s manufacturing sector gained momentum in September, with both private and official surveys pointing to an improvement in economic activity. The private-sector RatingDog Manufacturing PMI rose to 52.1 from 51.5 in August, surpassing expectations of 51.7 and marking its strongest reading since April. The services PMI also improved to 51.6 from 51.4, ahead of forecasts for 51.3. Separately, China’s official manufacturing PMI increased to 50.1 in September from 49.8 in August, in line with expectations and returning to expansionary territory after two months of contraction. The official non-manufacturing PMI climbed to 50.2 from 49.0, comfortably beating forecasts of 49.2, while the composite PMI rose to 50.7 from 49.5.
Elsewhere, Australia’s inflation accelerated in August, although the increase was marginally softer than expected. Headline CPI rose +4.0% y/y, up from +3.5% in July but slightly below consensus expectations of +4.1%. The trimmed mean, closely watched by the RBA as a gauge of underlying price pressures, held steady at +3.6% y/y and rose +0.2% m/m in August, suggesting core inflation remains sticky despite some moderation in the broader inflation outlook.
Looking at the day ahead now, and European data releases include the September flash CPI prints for Germany, France and Italy, along with German unemployment for September. In the US, we’ll also get the PCE inflation print for August, the third estimate of Q2 GDP, and the ADP’s report of private payrolls for September. From central banks, we’ll hear from the Fed’s Barkin, Cook, Goolsbee and Kashkari, along with the ECB’s Schnabel.
Tyler Durden Wed, 09/30/2026 - 08:23