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We kicked off the day with Chicago Fed National Activity Index, Initial Jobless Claims, ContinuingJobless, and Jobless Claims 4-Week Average at 7:30 A.M.,  S&P Global PMI Flash, and S&P Global Manufacturing Index PMI Flash at 8:45 A.M. at 8:45 A.M., Existing Home Sales & Existing Home Sales MoM at 9:00 A.M., EIA Natural Gas Storage at 9:30 A.M., Kansas City Composite Index & Kansas City Fed Manufacturing Index at10:00 A.M., 4-Week & 8-Week Bill Auctionat 10:30 A.M., 15-Year & 30-Year Mortgage Rate at 11:00 A.M., 30Year TIPS Auction at 12:00 P.M., Fed Balance Sheet and Jackson Hole Symposium at 3:30 P.M.

In the early hours this morning, freight traffic on Canada’s two largest railways came to a stop for the first time ever. Experts believe this could have a major effect on the US chain. Both US and Canadian chambers of commerce have issued a warning about the stoppage having a “significant impact” on the US and Canadian economies. The rail stoppage is bad news for the US supply chain because the US and Canadian rail networks are closely intertwined. The Canadian National Railway Company and Canadian Pacific Kansas City locked out over 9,000 engineers, conductors, and yard workers after the parties failed to agree on a new contract before Wednesday’s midnight deadline, and are demanding better quality of life and scheduling, among other greivances. The ywo rail companies haul a combined $1 billion in goods each day. Shipping south of the border also rely on the rail giants because the tracks run to the Gulf of Mexico and onward to ports in Mexico. Will keep you updated onnew details.

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