MNI: PBOC Net Drains CNY298 Bln Via OMO Tues; Rates Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1291 Tues; -0.09% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1291 TUES VS 7.1265

MNI China Daily Summary: Monday, July 1

June CPI Below Market Expectations, Headline Y/Y At 2.4%

MNI: UK JUN BRC SHOP PRICES -0.2% M/M, +0.2% Y/Y

Multivariate Core Trend Inflation Falls To Post-2020 Low

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 Remain Weaker

US TSY FLOWS
Yield curves steeper, near session highs with long end Tsy futures holding near recent session lows on narrow range since mid-morning London trade.
  • Contributing to current steepening, trading desks report real$ buying short end and separately selling 30s, deal-tied rate lock selling keeping pressure on, markets await issuance size of Bristol Myers 4pt jumbo (10s, 20s, 30s and 40s).
  • Implied vol inching lower, especially in the long end, generally quiet trade as markets await Senate Banking Committee nom/re-nomination hearing of Fed members that Republican members said they would boycott to protest Raskin' nomination. Russia/Ukraine headlines that have driven much of the vol since Friday have segued to the sidelines for now.
  • At 1530ET, President Biden is scheduled to make "brief remarks providing an update on Russia and Ukraine; he will reiterate that the United States remains open to high-level diplomacy in close coordination with our Allies, building on the multiple diplomatic off-ramps we and our Allies and partners have offered Russia in recent months," White House official notice.
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