MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1315 Fri; -1.12% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1315 FRI VS 7.1339

MNI BRIEF: Fed's Musalem: Interest Rates Likely To Be 3.5%-4% Over Long Run

FED’S DALY: POLICY ADJUSTMENTS LIKELY WARRANTED AT SOME POINT

MNI BRIEF: Japan MOF Official Not Commenting On FX Action

MNI: US JUN TREASURY BUDGET -66B

US Treasury Auction Calendar

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Bonds Extend Late Session Lows

US TSYS
  • Curves bear steepening to new session highs (2Y10Y tapped -16.571 - highest since mid 2022) as bonds continue to extend session lows: USM3 -1-01 at 108-03.5.
  • Intermediates already soft after the $52B 5Y note auction tailed (4.899% high yield vs. 4.882% WI), extended lower following recent headlines from Reuters carrying comments from Israeli Prime Minister Benjamin Netanyahu stating, "we are preparing for a ground invasion [of Gaza]. Rates had consolidated earlier on Israel-Gaza Invasion Delay headlines from WSJ.
  • Tsy Dec'23 10Y futures slipped to 105-20 low (-23.5), nearing initial technical support of 105-10.5 (Oct 19 low). Meanwhile, 10Y yield marked 4.9570% high vs. Monday's 16Y high of 5.0187%.
  • Cross asset summary: US$ index climbing (DXY +.450 at 106.520), VIX +2.05 at 21.02, SPX Eminis -62.25 at 4209.00, West Texas Crude +1.46 at 85.20 while Gold climbs +12.23 at 1983.20.
  • Reminder: equity earnings resume after the bell Mattel Inc, Whirlpool Corp, O'Reilly Automotive, Wyndham Hotels, IBM, Baker Hughes, Sun Communities, Meta Platforms, United Rentals and Raymond James.
  • Big data drop Thursday: Wkly Claims, GDP, PCE, Durables, Tsy 7Y Sale.
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