1. Mortgage applications rebounded …

… even as the 30-year fixed mortgage rate ticked up.

• Refinancing activity edged down.

2. Business inflation expectations for the coming year decreased to 2.2%, according to Atlanta Fed’s latest survey.

3. Estimates for the nominal neutral rate (<i>R</i>-star) are clustering around 3.1%.

• Market-based estimates, such as the five-year yields five years forward, are higher …

… even after adjusting for term premium.

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1. The proposed 50% Section 338 tariffs would raise the US effective tariff rate on Canadian imports by 1.8 percentage points to 6.9%, according to Oxford Economics.

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1. Headline inflation moderated to 2.6% year over year, slightly below expectations, due to softer energy and food inflation. However, core inflation held steady, slightly hotter than anticipated, driven by strength in accommodation services and airfares.

2. GBP/USD fell for five consecutive days.