Canada's Prime Minister Mark Carney waves next to U.S. President Donald Trump at the White House in Washington, D.C., U.S., Oct. 7, 2025. Evelyn Hockstein | Reuters
This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Here are five key things investors need to know to start the trading day:
1. Oh, Canada
President Donald Trump said late last night that he is ending all U.S. trade negotiations with Canada over an ad aired by Ontario's provincial government featuring the voice of former President Ronald Reagan. In the ad, Reagan is heard speaking negatively about tariffs and their impact on Americans. The Ronald Reagan Presidential Foundation and Institute said the ad misrepresents Reagan's 1987 remarks, which it said were edited without permission. Trump accused Canada of trying to use the ad to influence the pending Supreme Court case that could determine the fate of many of his tariffs. Ontario Premier Doug Ford said earlier this month that the province was spending $75 million to run the ads in the U.S.
2. Better late than never?
A shopper looks at a sales advertisement at a grocery store in West Milton, Ohio, US, on Tuesday, Oct. 21, 2025. Kyle Grillot | Bloomberg | Getty Images
It's finally here. After a nine-day delay thanks to the ongoing government shutdown, the Bureau of Labor Statistics will release September's consumer price index report this morning. The index, which tracks a broad basket of goods and services, is closely followed by both Wall Street and the Federal Reserve as a gauge of inflation. Here's what to know: Economists polled by Dow Jones are expecting the index to rise 0.4% from August and 3.1% year over year. Excluding volatile food and energy prices, so-called core CPI is expected to increase 0.3% on the month and 3.1% on a 12-month basis.
The report was originally scheduled to be released on Oct. 15 but was delayed by the ongoing federal government shutdown, which is now the second longest shutdown in history.
Economic data releases — including the all-important nonfarm payroll report — haven't come out as scheduled since the government closure began, adding to investors' uncertainty.
Today's CPI reading is the last major economic release expected before the Fed gathers for its policy meeting next week.
... continue reading