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2026-09-17 Thursday

2026-09-22

23:06:53

[US$19 Billion 10-Year TIPS Auction Imminent, Yield Expected to Hit Highest Level Since 2008] The US Treasury will auction US$19 billion of 10-year Treasury Inflation-Protected Securities (TIPS) at 1 p.m. New York time on Wednesday. The yield on these bonds is expected to reach its highest level since the 2008 financial crisis. Currently, the 10-year TIPS yield is approximately 2.63%, having touched 2.69% intraday on Wednesday, the highest since November 2008. The yield in a similar auction in July reached 2.438%, setting a record in nearly 18 years at that time. The auction price is expected to be about 0.5 basis points higher than the July issuance price. Since the mid-year oil price rebound, TIPS have outperformed traditional nominal Treasury bonds, but their performance lagged after the Fed's rate hike on Wednesday, before rebounding somewhat on Thursday as oil prices fell. So far this year, the yields on 10-year TIPS and nominal Treasury bonds have risen by 41 and 48 basis points respectively, widening the spread between them (i.e., the 10-year breakeven inflation rate) from 2.23% to 2.42%, before falling back to around 2.31% on Thursday. JPMorgan interest rate strategists pointed out that high real yields, reasonable valuations, and continued inflows into inflation-hedging assets should help support this bond auction. Latest data shows that the US CPI rose 3.4% year-on-year in August, and core CPI rose 2.4%, both in line with market expectations. As of the week ending September 2, TIPS primary dealers' net long positions were $2.92 billion, slightly below the average of $3 billion over the past year.

22:30:00

U.S. EIA implied natural gas flows (billion cubic feet) for the week ending September 11

Previous : 400 Forecast : -

Published Value 440

Previous

22:30:00

U.S. EIA natural gas storage changes (billion cubic feet) for the week ending September 11.

Previous : 400 Forecast : 490

Published Value 440

Previous

22:00:23

US August seasonally adjusted pending home sales index year-on-year

Previous : -2.50 Forecast : -

Published Value -4.90

Previous

22:00:00

US August Pending Home Sales Index (MoM)

Previous : -2.30% Forecast : -0.60%

US Dollar
Gold, Silver, Oil

Published Value 0.30%

Previous

22:00:00

US August seasonally adjusted pending home sales index

Previous : 71.20 Forecast : -

Published Value 71.20

Previous

21:55:15

[USDA Weekly Export Sales: Soybean, Corn, and Wheat Data Overview] ⑴ For the week ending September 10, net soybean export sales for the 2026/27 marketing year were approximately 1.702 million tons, compared to approximately 2.637 million tons the previous week. ⑵ US soybean export shipments for the week were approximately 623,000 tons, compared to approximately 181,000 tons the previous week. ⑶ For the week ending September 10, net corn export sales for the 2026/27 marketing year were approximately 1.027 million tons, compared to approximately 1.929 million tons the previous week; corn export shipments for the week were approximately 1.683 million tons, compared to approximately 775,000 tons the previous week. ⑷ US wheat export sales for the week were approximately 326,000 tons, compared to approximately 194,000 tons the previous week; wheat export shipments for the week were approximately 502,000 tons, compared to approximately 494,000 tons the previous week. (5) For the week of this report, U.S. net export sales of soybean meal for the 2025/26 marketing year were approximately 24,000 tons, compared to approximately 43,000 tons the previous week; net export sales for the 2026/27 marketing year were approximately 187,000 tons, compared to approximately 285,000 tons the previous week; soybean meal export shipments for the week were approximately 308,000 tons, compared to approximately 248,000 tons the previous week. (6) For the week of this report, U.S. net export sales of soybean oil for the 2025/26 marketing year were approximately -200 tons, compared to zero the previous week; net export sales for the 2026/27 marketing year were approximately 4,500 tons, compared to zero the previous week; soybean oil export shipments for the week were approximately 2,000 tons, compared to approximately 1,000 tons the previous week. (7) Net sales of U.S. cotton exports for the 2026/27 marketing year were approximately 71,000 bales, compared to approximately 74,000 bales the previous week; net sales of cotton exports for the 2027/28 marketing year were approximately 6,000 bales, compared to approximately 2,000 bales the previous week; and cotton export shipments for the week were approximately 142,000 bales, compared to approximately 178,000 bales the previous week.

21:34:55

[Bank of England Announces New Plan to Slow Down Government Bond Sales, UK Bond Yields Fall] ⑴ Following the Bank of England's announcement of a plan to slow the sale of government bonds, borrowing costs for the UK government fell, and yields on both short-term and long-term bonds declined. ⑵ The 10-year government bond yield fell by about 6 basis points to around 5.23%, retreating from a 19-year high reached earlier this week. ⑶ The 30-year government bond yield fell by about 7 basis points to around 5.79%, after hitting its highest level since 1997 a few days earlier. ⑷ Investors may feel reassured as the Bank of England prefers to sell some of its bonds back to the government rather than dump them on the bond market. ⑸ If ministers agree to this proposal, it will alleviate pressure on bond yields and reduce losses borne by taxpayers. ⑹ The Bank of England is considering selling some UK government bonds back to the UK government and has revealed that it has had "in-depth discussions" on this matter, but no final decision has been made yet. (7) The Bank of England plans to sell approximately £146 billion in government bonds as part of quantitative tightening, with the remaining approximately £222 billion to be reduced passively, i.e., awaiting maturity. (8) The Monetary Policy Committee decided to reduce the quantitative tightening program at an average annual rate of approximately £46 billion by the end of 2034, including approximately £20 billion in sales and approximately £26 billion in maturing government bonds annually. (9) This is lower than the previous rate of approximately £70 billion in quantitative tightening per year, and the slowdown is slightly greater than market expectations, which had previously anticipated a slowdown to approximately £50 billion. (10) This decision was made against the backdrop of criticism that quantitative tightening has increased government borrowing costs and that losses from the Bank of England's bond sales are borne by taxpayers. (11) The Bank of England currently holds approximately £488 billion in government bonds through its asset purchase program, has decided to allocate approximately £120 billion in bonds to support paper money issuance, and will reduce the remaining approximately £368 billion by the end of 2034. 12 The Bank of England also warned that inflation will rise for the remainder of this year and into early 2027.

21:33:02

[Bank of England Governor Bailey: Outlook Unpredictable, Four Rate Hikes Not Discussed] ⑴ Bank of England Governor Bailey stated that when asked whether the market's pricing in nearly four rate hikes over the next year was correct, the outlook was too unpredictable, and officials had not discussed this scenario. ⑵ Bailey said that there was extensive discussion at this meeting, but the prospect of four rate hikes was not discussed. ⑶ He stated that the market must form its own opinion, but the current situation is too unpredictable. ⑷ Bailey has sometimes commented on market interest rate expectations, for example, in April he said that the market pricing in multiple rate hikes was "too hasty," and in July he emphasized that a rate hike later this year was far from certain. ⑸ The Bank of England announced a new plan to reduce its holdings of government bonds earlier on Thursday, completely halting the sale of long-term bonds and suspending active sales for the next six months. ⑹ Bailey stated that the conditions in the UK government bond market, including the 30-year yield hitting its highest level since 1998 this week, were not taken into account in this announcement. ⑺ He emphasized that the relevant work was planned before the outbreak of the Middle East conflict and was not a reaction to market conditions. (8) Bailey also said that the inflation risk from the war in Iran is still in its early stages and has been quite mild so far, but the longer the conflict continues, the more difficult it will be to make interest rate decisions.

21:26:38

[Chicago Agricultural Commodities Pre-Market: Wheat Leads Decline, Corn and Soybeans Weaken] ⑴ Wheat, corn, and soybean futures are expected to decline ahead of Thursday's resumption of trading on the Chicago Board of Trade. ⑵ Wheat is expected to fall by about 9 to 12 cents, dragged down by technical selling and weaker crude oil prices, but continued concerns about disruptions to Black Sea grain exports limit the decline. ⑶ The actively traded December wheat contract touched resistance above its 20-day moving average in overnight trading, having failed to break through for four consecutive trading days. ⑷ The Ukrainian state railway operator said that Russia damaged a bridge in the Odessa region, significantly limiting Ukraine's ability to transport grain through Danube ports. ⑸ The U.S. Department of Agriculture reported net export sales of approximately 326,000 tons of U.S. wheat for the week ending September 10, in line with trade estimates. ⑹ Corn is expected to fall by about 2 to 4 cents, affected by lower crude oil prices and the approaching harvest season in the U.S. Midwest. ⑺ The U.S. Department of Agriculture reported net export sales of approximately 1.027 million tons of U.S. corn last week, near the lower end of the trade estimate range. (8) Soybeans are expected to fall by about 1 to 3 cents, following technical selling after three consecutive days of gains. (9) The U.S. Department of Agriculture reported that net export sales of U.S. soybeans for the week ending September 10 were approximately 1.702 million tons, in line with trade estimates.

21:00:00

Russia's gold and foreign exchange reserves (in US dollars) for the week ending September 11

Previous : 7535 Forecast : -

Published Value 7582

Previous

20:53:02

[Major Central Banks Tighten Amid Energy Shock, Market Pricing May Be Overly Aggressive] ⑴ Amid the energy price shock, major central banks are generally on a tightening path. The Federal Reserve recalibrated its policy to a more restrictive stance on Wednesday, but traders continue to price in a more aggressive rate hike response than its dot plot predicts. ⑵ Economists believe the market is overpricing future rate hikes, partly due to concerns that the oil shock could worsen after the Houthi rebels seize strategic areas along the Red Sea coast. This move is seen as a move by the Iranian-backed militia to harden its stance. ⑶ The Reserve Bank of Australia has raised interest rates three times this year to 4.35%, completely reversing last year's rate cuts. The door to further rate hikes seems to be open, and the market widely expects a rate hike at its meeting later this month. ⑷ The Norwegian central bank kept its interest rate unchanged at 4.25% in August, noting that inflation has eased and second-quarter economic growth was only about 0.3%, slower than expected. The market is pricing in another 25 basis point rate hike before the end of the year. (5) The Bank of England kept interest rates unchanged at 3.75% on Thursday as expected. Three members voted to raise rates, and Governor Bailey warned that the ongoing Middle East conflict might require tighter policy. The market is pricing in at least one more rate hike this year. (6) The Federal Reserve raised rates and hinted at further hikes. Policymakers expect one more rate hike in 2026 and to hold rates steady in 2027, but traders are pricing in more than one this year and about three by the end of 2027. (7) The Reserve Bank of New Zealand raised rates for the second consecutive month to 2.75% and hinted that further tightening might be gradual. Recent growth data was higher than expected, and the market is pricing in at least one more rate hike before the end of the year. (8) The European Central Bank raised rates for the second time this year and released a hawkish tone. The market is pricing in at least one more rate hike before the end of the year and deposit rates above 3% in 2027, but some economists expect the energy shock to drag down growth and help curb inflation next year. (9) The Bank of Canada kept interest rates unchanged this month, but Governor Macklem stated that multiple rate hikes were possible if inflation remained high. Following signs of a cooling labor market, the market is still pricing in one more rate hike before the end of the year. (10) The Swedish central bank has a dovish stance and is expected to maintain its key interest rate at 1.75% at its meeting later this month. Lower-than-expected inflation in August reinforced this view, but the market expects rates to rise later this year. (11) The Bank of Japan is expected to raise interest rates to 1.25% at its meeting this week. Investors are focused on the hawkishness of the post-meeting rhetoric. Economists surveyed expect rates to rise to 1.75% in the second quarter of 2027, earlier than previously anticipated. Market focus remains on the potential repatriation of funds from the Japanese Government Pension Investment Fund.

Real-Time Popular Commodities

Instrument Current Price Change

XAU

4336.96

-6.56

(-0.15%)

XAG

65.908

-0.096

(-0.15%)

CONC

93.09

0.72

(0.78%)

OILC

101.43

1.40

(1.40%)

USD

100.373

-0.037

(-0.04%)

EURUSD

1.1472

0.0009

(0.08%)

GBPUSD

1.3381

0.0016

(0.12%)

USDCNH

6.6952

0.0027

(0.04%)