CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

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MNI China Daily Summary: Friday, December 6

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MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

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Bonds Extending Session Lows

US TSY FUTURES
  • Curves are inching steeper the last couple minutes with 30Y Bonds extending session lows, USM3 marks 132-10 (-8) lowest since April 4 with 30Y yield marks 3.6343 high. Curves inching steeper, 2s10s +.858 at -59.061.
  • Moves may be related to IMF rhetoric over central banks (in)ability to tackle inflation until 2025 - more so than the measured comments by NY Fed Williams during Yahoo Finance interview this morning:
  • "ONE MORE RATE HIKE IS A REASONABLE STARTING PLACE BUT WE WILL BE DRIVEN BY THE DATA" followed by "IF INFLATION COMES DOWN, WE WILL HAVE TO LOWER RATES" Bbg
  • Short end pressured as implied rate hikes by year end soften: Sep'23 cumulative -25.0bp (vs. -28.0bp earlier) to 4.577%, to -43.6bp vs. -46.8bp earlier for Dec'23 at 4.390. Fed Terminal currently at 5.02% in Jun'23.
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