The Brief

Three things that matter today.

One short email every weekday at 07:00 GMT: FX, indices and rates, the releases due today, and what they could change. No signals, no sponsored tips.

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SAMPLE ISSUE · THURSDAY

RATES

US CPI beats on shelter; December cut odds fall to 38%

Headline inflation came in at 3.3 percent against 2.9 expected; core was in line at 3.0. The two-year yield added 9 basis points. The FOMC decision on Wednesday is now about the chair’s language on December.

CENTRAL BANKS

ECB decision today at 12:15 GMT

Consensus is a hold at 3.25 percent. Officials have signalled patience on further easing, so the press conference and staff forecasts matter more than the rate.

Yen past 157 as the Bank of Japan stays on hold

USD/JPY tracks the US 10-year yield. Official comments on the yen are the risk to watch as the pair moves above recent highs.

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