1. U.S. Inflation Cools — Is the Fed Finally Cutting?
We finally have some data on the U.S. economy.
The Bureau of Labor Statistics reported CPI figures for September, and the numbers came in slower than expected.
Year-over-year, consumer inflation grew 3.0% — not alarming, not exciting.
Looking deeper, nothing really raises eyebrows.
So, is a rate cut coming next week? Yes, the Federal Reserve is likely to cut by 25 basis points.
2. Trump Ends Trade Talks with Canada — Over an Ad
Overnight, we learned that Trump has terminated all trade talks with Canada… over an ad. This is huge because those trade talks were one of the few hopeful things for Canada in the near term at least.
Now, with that uncertainty back in play, things just got tougher.
Remember: unemployment is rising, consumer sentiment is weak, and this latest news adds more salt to the wound.
With the Bank of Canada decision coming next Wednesday, a 25bps rate cut looks likely.
Also, if this trade drama drags on, watch the Canadian dollar — it may need to drop further to look attractive again.
3. Gold, Silver, and Oil at Key Levels
Big levels: $4,000 on gold and $47.80 on silver remain critical. A move below those levels could trigger more selling pressure.
Oil remains resilient, but it’s now hitting major resistance zones. Lost of noise around sanctions on Russia.
Copper continues to hold up surprisingly well, even as other metals pull back.
Meanwhile, rare earths, lithium, and uranium names are cooling off after an intense run-up.
4. S&P 500: Stuck in the October 10th Range
The S&P 500 looks like it’s trending “up,” but in reality, it’s stuck in a tight range from the October 10th session.
Until there’s a clear breakout above or below that level, expect more choppiness.
In short — lots of movement, no real direction.
5. Bitcoin, Dollar, and Quantum Moves
Bitcoin is bouncing a bit off its 200-day moving average, which is worth keeping an eye on.
The U.S. Dollar Index initially fell on the CPI report but has since recovered, showing strong buyer interest.
One interesting tech tidbit that hasn’t made big headlines yet: IBM said it’s able to run a key quantum computing algorithm on AMD chips — potentially a big deal in the AI–quantum race?
Meanwhile, the 10-year U.S. Treasury yield (US10Y) remains below 4%.