EQUITY TECHS: E-MINI S&P: (M5) Bearish Structure Remains Intact

• Strong core CPI measures set the tone, although the initially modest hawkish reaction has already pared somewhat. The hawkish reaction is a little longer lasting in FI than FX.
• BoC-dated OIS sees 8-9bp of cuts for Mar 12 vs 12-13bp pre-release.
• 2Y GoC yields are 1.5bp higher post-release for +8bps on the day.
• Can-US 2YY diff 1.5bp higher post-release for +5.5bp, at -148bp at what would be the joint highest close since the January BoC decision.
• USDCAD meanwhile initially dropped 15-20 pips but is back little changed post-release, holding onto the day’s modest increase just above 1.4200.
• The average of CPI-median and CPI-trim was clearly stronger than expected at 2.7% Y/Y in Jan vs cons 2.55%, and it’s notable to us that median led the surprise (2.7 vs cons 2.5) along with an upward revision (2.6% in Dec vs previously thought 2.4%) considering the BoC downplayed CPI-trim at the last meeting.

Reuters carrying comments from the three principal US negotiators following the conclusion of talks with Russian officials in Riyadh, Saudi Arabia. 

• US Secretary of State Marco Rubio said, "today's meeting first step of long and difficult journey", adding that his delegation "agreed on four principles" with the Russians and noting that the Russian delegation appeared "willing to engage in a serious process."
• Rubio said, addressing concerns in Kyiv and Brussels that the US would strike a deal without input from the EU or Ukraine: "...everyone involved in Ukraine conflict has to be OK with the solution to end it… goal is a fair, enduring, sustainable end to Ukraine war… European Union needs to be involved at some point… no one is being sidelined here".
• Rubio said that Russia and the US, "will appoint teams to re-establish the functionality of our missions in [Washington DC] and Moscow", a major step toward restoring diplomatic relations.
• US President Donald Trump's Middle East envoy Steve Witkoff, elevated to a key negotiator with Moscow, said, "talks were positive, constructive, solution-based".
• Trump's national security advisor Mike Waltz said, "there needs to be a permanent end to Ukraine war," adding "there will be talks about territory and security guarantees" and stressing that, "Trump is determined to move very quickly".
• Waltz confirmed comments from the Russian delegation that there is no near-term date set for a meeting between Trump and Russian President Vladimir Putin. 

• CANADA JAN CPI +1.9% YOY VS PRIOR +1.8% ON MORTGAGES AND GAS
• CORE RATES QUICKEN: MEDIAN 2.7% FROM 2.6%, TRIM 2.7% FROM 2.5%
• CANADA JAN CPI +0.1% MOM FROM PRIOR -0.4%