The latest Market Talks covering FX and Fixed Income. Published exclusively on Dow Jones Newswires throughout the day.

1627 ET - The monetary-policy panel at the CD Howe Institute, a prominent Canada think tank, says the Bank of Canada should keep its benchmark interest rate steady at 2.25% for the next 12 months. Six of the nine economists leaned toward the BOC making no move for the next 12 months, citing the fresh uncertainty posed by what could be a prolonged U.S.-Canada trade conflict. The think tank says the economists leaning toward hikes in the next 12 months "relied on heroic assumptions" that the two countries would eventually return to talks and hammer out a mutually-agreeable pact. The panel says recent momentum in economic data means little with preferential access to the U.S. market -- which Canada has enjoyed for four decades -- now under threat. (paul.vieira@wsj.com; @paulvieira)

1553 ET - Moving between jobs has gotten harder for U.S. workers, and new research by the Minneapolis Fed shows that non-compete agreements and employer concentration could be the culprit. States with larger increases in concentration also experienced larger declines in upward job mobility, according to the research. In addition, the growing use of non-compete agreements makes it harder for workers to leave for other opportunities, potentially weighing on wage growth. "Recognizing that workers are less likely to leave, employers are offering lower wages," the economists write. (jessica.coacci@wsj.com)

1537 ET - Treasury yields rise ahead of Fed Chairman Warsh's first Jackson Hole speech. Investors will watch for clues about his plans to tame inflation and how the Treasury's bonds buyback program could impact long-term yields. Crude rises around 2% as the Hormuz standoff continues. An auction of $44 billion in seven-year Treasury notes clears at 4.512%, the highest yield since 2024, as investors fret about the economic outlook. The BLS releases preliminary employment revisions at 10 a.m. ET. The seven-year settles at 4.517%. The 10-year edges up 0.008 percentage point to 4.671%. The two-year also rises 0.008 p.p., to 4.230%. (paulo.trevisani@wsj.com; @ptrevisani)

1417 ET - Gold futures edge up in a steady session with the market awaiting tomorrow's comments by Fed Chairman Kevin Warsh at Jackson Hole. "A balanced tone could support gold, while hawkish remarks may lift yields and pressure the metal," Konstantinos Chrysikos of Kudo.com says in a note. "Markets will also watch any shifts in geopolitical developments in the Middle East and their impact on oil prices and inflation expectations." Front month gold settles up 0.25% at $4,609.70 a troy ounce. Silver rises 2.1% to $69.429 a troy ounce. (anthony.harrup@wsj.com)

1343 ET - Investors are ready to see what Chairman Kevin Warsh will say about how restrictive policy is, given inflation is above target on the eve of his Jackson Hole speech. Among the 31 respondents of a CNBC's Fed Survey, 80% say the Fed chairman should provide more insight into his economic views. Amid his dialed back communication approach, 45% expect he won't offer any guidance on the rate outlook at his speech. 32% think he'll be "somewhat hawkish."(jessica.coacci@wsj.com)

1306 ET - New listings rose 0.4% from a week earlier during the four weeks ending Aug. 23, Redfin says. That's their highest level since April. The total number of homes for sale rose 0.5% week over week, hitting their highest level since May. Pending home sales slipped 1.1% from a week earlier. Would-be buyers are sitting on the sidelines largely because housing costs are high. The median U.S. home-sale price rose 1.9% year over year to over $400,000, and the weekly average mortgage rate is 6.65%, down from a peak of 6.69% two weeks earlier. With inventory rising and demand declining, the homebuyers who are in the market could get a deal. Buyers may be able to negotiate prices down and/or get concessions.(chris.wack@wsj.com)

1229 ET - Canada has one distinct advantage over the U.S. in a potential dragged-out trade conflict, says Sébastien Mc Mahon, chief strategist at IA Global Asset Management. That is Canada's ability to borrow at a cheaper term relative to US. Mc Mahon says interest expenses in Canada account for 10% of government revenue, versus 28% in the U.S. The yield on a US 30-year bond sits at roughly 5.18%, versus Canada's 4.09% for 30 years. "Canada has real capacity to support its economy through the [trade] storm," says Mc Mahon. "Canada has ammunition to defend itself." (paul.vieira@wsj.com)

0946 ET - The Australian dollar rises to a three-month high against the U.S. dollar as foreign-exchange investors focus on seeking carry, Societe Generale's Kit Juckes says in a note. Carry is when investors borrow in low-yielding currencies to invest in higher-yielding currencies elsewhere. The Australian dollar is a popular carry target, with Australia's official cash rate standing at 4.35%. The market's current focus on carry overrides for now any concerns about weaker Chinese growth and a potential protracted shortage of oil flowing through the Strait of Hormuz, Juckes says. "The market is focusing on carry above everything else, and geopolitical selloffs may just prove to buying opportunities," he says. The Australian dollar rises 0.3% to a high of $0.7195, LSEG data show. (miriam.mukuru@wsj.com)

0856 ET - Treasury yields are little changed as the U.S. economy shows strength ahead of Fed Chairman Warsh's first Jackson Hole speech Friday. Nvidia's strong revenue growth lifts Wall Street's mood, while crude futures tick higher. Weekly jobless claims decrease to 203,000 from an upwardly revised 207,000, as layoffs remain contained. Investors expect so far cagey Warsh to clarify his approach to inflation and his view on the Treasury plan to increase long-term bond buyouts. The 10-year trades at 4.666%, slightly higher than yesterday's settle but off overnight highs. The two-year follows a similar pattern and trades at 4.228%. (paulo.trevisani@wsj.com; @ptrevisani)

0837 ET - Dubai's real-estate market is shifting from broad-based growth toward a more selective phase as affordability constraints and rising supply increasingly shape performance, real-estate consultancy Colliers says. Apartment and villa rents fell 4% and 2%, respectively, on quarter in 2Q, while average sales prices for both declined 3%. Buyer demand remains, but Colliers says purchasing decisions are becoming increasingly selective, with pricing, product quality, payment plans and developer reputation playing a greater role than during the momentum-driven conditions of 2024 and 2025. The consultancy expects competition to evolve as additional stock enters the market, potentially weighing on rents and sales prices in areas with heavier new supply. (farhan.rafid@wsj.com)

0834 ET - Middle East business-jet activity is showing tentative signs of recovery after a severe conflict-driven downturn, aviation market-intelligence provider JIQ by Jetnet says. Intraregional departures remain below 2025 levels, but the year-on-year gap has been narrowing from its trough, suggesting the sharpest phase of the disruption has passed and activity is stabilizing. The region's business-jet departures were down 5.7% in the 12 months through July, while activity at one stage ran nearly 50% below preconflict levels following the February outbreak of fighting between the U.S. and its allies and Iran. (farhan.rafid@wsj.com)

0833 ET - Bahrain's nonoil economy expanded in the first quarter even as overall output contracted after regional tensions disrupted oil activity, the Ministry of Finance and National Economy says. Nonoil GDP grew 2.2% on year at constant prices, while total GDP fell 3.8%, driven by an around 37% contraction in oil activities as restrictions on maritime traffic through the Strait of Hormuz weighed on export capacity. Financial and insurance activities were the fastest-growing major nonoil sector, rising 8.6%, while nine of 13 nonoil activities recorded growth.