USA & Canada Intelligence Brief for Wednesday, May 13, 2026
Executive Summary
Wednesday saw North American markets digesting a hot April PPI print. The S&P 500 closed Tuesday at 7,400.96 (-0.16%); Nasdaq 26,088.20 (-0.71%);.
The day’s secondary tracks: Kevin Warsh confirmed by the Senate 51-45 to the Fed Board, chair vote expected Wednesday; April PPI surged +1.4% vs 0.5% expected; eBay rejected GameStop’s $56bn takeover bid; Wendy’s shares jumped +14% on Trian buyout reports; Carney’s Build Canada Homes approved 1,100 new affordable units in Ottawa.
Tuesday’s CPI and Wednesday’s PPI together close the door on Fed cuts; the conversation now shifts to whether Warsh — pending Wednesday’s expected chair confirmation — inherits a hike framework at his first FOMC on June 16-17.
01 United States: April PPI Surges +1.4% Deteriorating
April Producer Price Index jumped +1.4% month-over-month, well above the +0.5% consensus per The Street and 247WallSt. Core PPI was +1.0% vs +0.4% expected.
Headline 12-month PPI consensus is 4.9%, up from 4.0% in March. The print follows Tuesday’s hot CPI at 3.8% YoY (highest since May 2023).
CME FedWatch traders raised year-end Fed hike odds to ~30%. April nonfarm payrolls were 178,000; unemployment 4.3%.
02 United States: Warsh Confirmed to Fed Board Watch
The Senate voted 51-45 Tuesday to confirm Kevin Warsh to the Federal Reserve Board of Governors on a mostly party-line basis per CNBC and Bloomberg. Sen.
John Fetterman (D-PA) was the only Democrat to support. The separate vote for Warsh as Fed Chair is expected Wednesday May 13.
Powell’s chair term ends Friday May 15; Powell has stated he intends to remain on the Board as governor (term to January 2028) through the Inspector General review. First FOMC under the new chair: June 16-17.
03 United States: eBay Rejects GameStop $56bn Bid Watch
eBay’s board rejected GameStop’s $56bn unsolicited takeover bid Tuesday, calling the offer “neither credible nor attractive” per CNBC. The Ryan Cohen bid valued eBay at $125 per share cash-and-stock; eBay shares traded at $107 pre-bell.
Chairman Paul Pressler cited financing uncertainty, operational risks, and debt load. GameStop’s market cap is $10.3bn vs eBay’s $48bn.
TD Securities $20bn financing contingent on investment-grade rating; Moody’s flagged “credit negative.”
04 United States: Wendy’s Peltz Take-Private Talks Watch
Wendy’s shares surged +14% Tuesday after the Financial Times reported Nelson Peltz’s Trian Fund Management is exploring financing for a take-private bid per Reuters. Trian holds 16.24% of Wendy’s.
Market cap was $1.3bn pre-jump; shares down -19% YTD and -72% from 2020 peak. Q1 global systemwide sales fell -5.5% to $3.22bn; US same-store sales declined -7.8%.
No formal offer submitted.
05 United States: Apple Closes at Record $294.49 Constructive
Apple closed Tuesday at $294.80, the all-time closing high per MacroTrends and MacDailyNews — rising $2.12 (+0.72%); intraday high $295.27; market cap $4.33trn. Trading around $294.49 Wednesday morning per Robinhood. The 52-week low is $193.46. Apple has reached a preliminary agreement with Intel to manufacture chips in the US, reducing exclusive dependence on TSMC per Simply Wall St. The Magnificent Seven ETF is +4.1% YTD and +36.4% YoY.
06 United States: April Treasury Surplus $215bn Constructive
The US government posted a $215bn surplus in April per Treasury (vs $220bn expected) — down -17% from the $258bn April 2025 surplus. FY26 YTD deficit fell to $954bn, $95bn better than the same point last year.
Net interest $96.6bn. Net customs receipts $22.1bn (vs $15.6bn April 2025, +42% YoY) including $2bn refunds; $166bn in IEEPA tariff payments subject to potential refunds following the February Supreme Court ruling.
07 Canada: S&P/TSX Holds Near Record Constructive
The S&P/TSX Composite rose +0.4% Tuesday to close at 34,291 per TradingEconomics, supported by energy and banking. Canadian Natural climbed +4.1%.
BMO announced an agreement to sell its transportation and vendor finance businesses to Stonepeak. Gold names fell on stronger USD: Barrick -2.4%.
Chemtrade Logistics dropped -9.8%; Organigram -14.4%. Constellation Software and Franco-Nevada released Q1 earnings after the close.
08 Canada: Build Canada Homes Pipeline Operational Constructive
Carney’s Build Canada Homes pipeline continues operationalising following the April 23 announcement of 1,100 new rental homes across eight Ottawa projects per PMO. Since September 2025, the agency has committed to over 10,000 units; 1,400 homes are under construction or breaking ground in the next two months.
CEO Ana Bailão leading delivery. The Ontario GST/HST partnership (March 30) saves up to $130,000 per home up to $1m — $2.2bn total tax savings and 8,000 additional housing starts framework.
09 Canada: Toronto Housing Sales Recover Constructive
City of Toronto sales reached 2,312 in April, up +20.9% MoM and +8.6% YoY per WOWA. Toronto’s Sales-to-New-Listings Ratio improved to 37.7% from April 2025’s 30.0%. GTA benchmark price $944,100, down -6.6% YoY. Detached averaged $1.37m, up +2.3% MoM. Condo average $636k, down -6.3% YoY. Cautious recovery framework.
What to Watch · Through June 17
Calendar — May 14 to June 17
The full Dossier opens with the editor’s leader on the inflation-rate framework Warsh inherits at his first FOMC.
Twenty-two pages of country risk dashboard, ten positioning views, the PPI-CPI April deep dive with scenarios A/B/C, the Warsh-Powell transition framework, and the corporate pipeline including eBay-GameStop, Wendy’s-Trian, BMO-Stonepeak, and Apple-Intel. PDF download · today’s edition.
Today’s Standalone Coverage
The Rio Times has published the following standalone articles that build out the country-level picture behind today’s Pulse.
Frequently Asked Questions
What did April PPI show?
April Producer Price Index jumped +1.4% month-over-month, well above the +0.5% consensus per The Street. The print follows Tuesday’s hot CPI at 3.8% YoY (highest since May 2023). CME FedWatch traders raised odds of a year-end Fed hike to ~30%.
When does Warsh take over as Fed Chair?
The Senate voted 51-45 Tuesday to confirm Kevin Warsh to the Federal Reserve Board of Governors. The separate Senate vote for Warsh as Fed Chair is expected Wednesday May 13. Powell’s chair term ends Friday May 15; Powell has stated he intends to remain on the Board as governor (term to January 2028). First FOMC under the new chair: June 16-17.
Why did eBay reject GameStop’s offer?
eBay’s board rejected GameStop’s $56bn unsolicited takeover bid Tuesday, calling the offer “neither credible nor attractive.” Chairman Paul Pressler cited financing uncertainty, operational risks, and debt load. TD Securities financing of $20bn is contingent on investment-grade rating; Moody’s flagged the deal “credit negative.”