Societe Generale in its early Wednesday economic news summary pointed out:
10-year United States Treasury consolidates after its highest close of 4.463% since July 2025, following an upside surprise for April core consumer price index on Tuesday. OIS pricing 65% probability of Federal Reserve rate hike by March 2027 (+16bps). 10-year UST refunding auction decent, tail 0.4bp, non-dealers take 88.0%. India lifts customs duty rates on gold and silver to 15% from 6% to curb bullion purchases, stem the rupee's (INR) slide.
Federal Reserve's Goolsbee (non-voter): If you look at the components that aren't energy, like services, if that is an indication that the underlying economy is overheating, then the Fed has got to be thinking about how we break the chain of escalating inflation.
United Kingdom: Health Secretary Wes Streeting to meet Prime Minister Starmer on Wednesday before King's Speech in parliament, threshold met of 81 Labour members of parliament to trigger leadership contest. Four ministers resigned on Tuesday.
Day ahead: U.S. producer price index. Federal Reserve speakers Collins, Kashkari. European Central Bank's Lagarde, Muller, Lane. Eurozone Q1 gross domestic product second read. Bank of England's Mann.
Nikkei +0.7%, euro (EUR) 10-year IRS unchanged at 3.12%, Brent crude -1.1% at US$106.6/barrel, Gold +0.8% at US$4,708/oz.