Brent crude jumped about 3% intraday to $92.71/bbl.

U.S. President Trump and Canadian Prime Minister Carney said they are optimistic about a tariff agreement as negotiating teams met in Washington. Trump said Wednesday “we have reached an agreement,” adding Canadian negotiators put forward “conditions we must get,” including greater market access for U.S. agricultural exports, and that “everything still awaits final paperwork.” Carney wrote the countries are “moving towards an agreement that will cement Canada’s advantages” and secure “the most favorable terms” in Canada’s key strategic areas, but gave no details.

Fed's Musalem said a rebound in productivity is pushing up the neutral interest rate (r*).