The latest Market Talks covering FX and Fixed Income. Published exclusively on Dow Jones Newswires throughout the day. Australia's 2Q CPI at 0130 GMT is in focus, with any hint of stubborn inflation pressures likely to quickly revive talk of a fourth interest rate increase from the Reserve Bank of Australia this year in August. RBA Governor Michele Bullock left a further increase on the table at a speech on Tuesday, but also said she thought the economy was cooling. Still, the underlying message was that inflation remains too high, and global forces are again working against the desires of the RBA. Economists expect headline inflation of around 4.0% on-year and core inflation to come in closer to 3.7%. Both outcomes would be well above the RBA's target. (james.glynn@wsj.com; X @JamesGlynnWSJ)

1632 ET - Transat A.T. finalizes agreement with the Canadian government to secure up to C$150 million in financing to help offset higher fuel prices. The travel company had signaled last month its intention to apply for financing under a new credit line the federal government set up to help airlines deal with the rapid rise in energy costs. Transat says it is receiving C$125 million up front, with the possibility of additional drawdowns depending on the hit from fuel. It adds the loan has a four-year maturity and carries an annual interest rate of 3.91%. (paul.vieira@wsj.com)

1549 ET - Demand for Treasurys holds up, sending yields down for the third consecutive session, as hopes of a diplomatic solution for the U.S.-Iran conflict push oil prices down. WTI closes below $80 for the first time in eight trading days. July U.S. consumer sentiment misses consensus. Odds of a Fed hold are priced at 69%, according to CME, with nearly one in three investors betting on a hike. The 30-year yield slips 0.029 percentage point, but still settles above 5% for the 16th consecutive session, its longest streak above that mark since 2007. The 10-year drops 0.036 p. p. to 4.604% and the two-year falls 0.047 p.p. to 4.275%. (paulo.trevisani@wsj.com; @ptrevisani)

1327 ET - New York City is posting its most expensive rental market since Realtor.com says it began tracking the metric in 2019, and it's hitting recent college graduates hard. The median asking rent climbed to $3,707 in 2Q, up $164, or 4.6%, year-over-year. A studio apartment would consume 38.2% of a typical Computer Science graduate's starting NYC salary, and 45.2% of a Business graduate's, Realtor.com says. Nationally, the math is far less punishing for new grads. A typical studio across the 50 largest U.S. metros would consume just 20.9% of a Computer Science graduate's salary and 24.8% of a Business graduate's, roughly half the share required in NYC, Realtor.com says. (chris.wack@wsj.com)

1301 ET - It will be difficult but not impossible for Canada to double the level of exports to non-U.S. markets by 2035, says Oxford Economics in a note. "But it won't occur organically, and it's unlikely without strategic and timely infrastructure investments," says the forecasting firm. Investments are needed at Canada's existing ports, and the construction of new terminals, the firm says. Both the Bank of Canada and PM Mark Carney are warning the country's marine terminals have fallen behind global peers in terms of shipping and efficiency. Oxford notes the vast majority of goods destined for non-US destinations travel by ship. (Paul.Vieira@wsj.com; @paulvieira)

1258 ET - HYPE, which is the native token for perpetual futures exchange Hyperliquid, may have further upside even after what has already been a strong year. In a note, Zach Pandl with Grayscale Research posits that the HYPE token will be worth roughly 15 to 18 times the company's earnings by next year. Stock of Coinbase, by contrast, is expected to be closer to 35 times the company's earnings, with Circle around 40x. "Trading activity on the platform accrues value to the HYPE token and, like many other crypto assets, the token can be valued with cash flows," explains Pandl. "On that basis, we think it looks cheap." HYPE is down 4.4% to $55.31 in the past 24 hours, according to data from CoinGlass. (kirk.maltais@wsj.com)

1250 ET - U.S. homebuyers took out 4.1% more second-home mortgages in 2025 than a year earlier, according to Redfin. That's the first annual increase in four years. By comparison, mortgages for primary homes ticked up 1% year-over-year in 2025 after rising 2% in 2024. Second-home purchases are starting to rebound, and outpace growth in purchases of primary homes. Affluent buyers, who are less constrained by high housing costs and economic uncertainty, drive that market. Vacation-home buyers are wealthier than people purchasing primary homes: 85% of 2025's vacation-home mortgages went to high earners, who had a median income of just under $300,000, according to Redfin. That's compared with a median overall U.S. household income of $88,000. The typical second home was worth $515,000 in 2025, versus $395,000 for primary homes, Redfin says. (chris.wack@wsj.com)

1205 ET - Two major cryptocurrency exchanges have announced plans to close in the past week, igniting fears of more to come. The first is BitMEX, which announced last week in a post on X that it would be shutting down operations effective Sept. 23. Over the weekend, another exchange called BitMart also announced its shutdown via X. Other exchanges are now rumored to be on the chopping block as well, which is seen as a reaction to the nearly $1.7 trillion in market capitalization cryptocurrencies have shed over the past 12 months, according to data from CoinMarketCap. That's a decline of roughly 43%. Bitcoin is and ethereum both fall 1.7%, XRP is down 2.4%, and solana drops 2%. (kirk.maltais@wsj.com)

1124 ET - Canada likely requires higher interest rates to attract the trillions of dollars required to restore housing affordability and lift the country's lackluster productivity levels, says economist Charles St-Arnaud. The chief economist at Alberta-based Servus Credit Union says foreign investors are one of the few sources able "to meaningfully increase" capital toward Canada, adding that domestic households have been net borrowers since the late 1990s. Attracting the estimate C$8 trillion required to meet housing and productivity goals likely necessitates higher interest, St-Arnaud reckons, along with policies aimed at encouraging household savings. "There is no cheap or easy path out of Canada's current predicament,"he says. (paul.vieira@wsj.com, @paulvieira)

1111 ET - Concerns over U.S. government debt keep investors on their toes, as shown by the 30-year Treasury yield. The benchmark is on pace to settle above 5% for the 16th consecutive session. The last time it stayed at this level for so long was in the run-up to the financial crisis, for 44 trading days in mid-2007, according to Tradeweb ICE and Dow Jones Market Data. "Rising Treasury yields have become an increasingly meaningful headwind for housing, fixed income, and other rate-sensitive assets," Harbor Capital says in a note. The firm is "monitoring whether elevated borrowing costs begin to materially slow economic activity." (paulo.trevisani@wsj.com; @ptrevisani)

1104 ET - Major cryptocurrencies are dropping, with investors anxious about the possibility of a rate hike Wednesday by the Fed, and "an ongoing deleveraging in the tech sector," says Stephen Coltman of 21shares. The shelving of the Clarity Act for now by the U.S. Senate is also weighing on crypto. Bitcoin is down 2.8% to $63,130, while ethereum falls 3.5% to $1,877, XRP sheds 3.6% to $1.05, and solana is down 4.1% to $72.80. (kirk.maltais@wsj.com)

1059 ET - Prolonged heat stress and crop damage from Europe's recent heatwaves and fires could create pressure across the food supply chain, Activtrades analyst Ion Jauregui says. Estimated losses of around $2 billion in grain farmer revenue highlight the wider economic impact. Although agriculture represents a limited share of GDP, food prices have a strong influence on inflation because they directly affect household spending, he says. "The main impact on supermarkets would likely be higher costs rather than empty shelves." Lower crop yields can also increase prices for wheat, barley and corn, while also raising costs for livestock producers and food manufacturers, he notes. "Persistent food inflation could slow the decline in inflation and complicate central bank decisions on interest rates," Jauregui says.