MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

10s Back To Mid-March Levels, Late Yr Rate Cuts Receding

US TSY FUTURES
Treasury futures continue to extend session lows in late trade: 10Y futures through key support of 113-30.5 (Apr 19 low) to 113-28.5, just above major support at 113-26 Mar 22 Low).
  • Main factors in play included hawkish Fed speak: Dallas Fed Logan signaled support for an eleventh straight Fed rate hike in June amid sticky core inflation and still-high wages. "The data in coming weeks could yet show that it is appropriate to skip a meeting. As of today, though, we aren’t there yet," Logan stated.
  • While optimism over a debt ceiling resolution to avoid default helped push stocks to their best levels since early May, rates trade weaker ahead a likely deluge in bill issuance (estimated over $1T) as the Treasury moves to increase cash buffers following a debt ceiling resolution, roughly the same impact as a 25bp rate hike all else equal.
  • Fed funds implied move for the next FOMC on June 14 inches up to 8.1bp, while projected late year rate cuts recede: September cumulative is -4.9bp (-20.8bp early Tuesday) at 5.030%, November cumulative -22.8bp (-43.7bp early Tuesday) at 4.851%, Dec'23 cumulative -44.6bp (-69.0bp Tuesday) at 4.633%, while Jan'24 cumulative is -64.7bp (-93.3bp Tuesday) at 4.32%. Fed Terminal currently at 5.165% in Jul'23 this morning.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.