NORGES: RATES PROBABLY AT CURRENT LEVEL QUITE SOME TIME

RATES MAY NEED TO BE ON HOLD LONGER THAN ENVISIONED: NORGES

MNI: NORGES BANK LEAVES RATES UNCHANGED AT 4.50%

MNI WATCH: CNB Seen Cutting 50Bps to 5.25%, Signal Slower Pace

MNI China Daily Summary: Tuesday, April 30

MNI BRIEF: China To Keep Tackling Risks In Real Estate, Debts

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RBA Data Watch

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Breakevens At Post-Omicron Highs, Pause On MNI Chicago PMI

US TSYS
  • The 10y breakeven rate is at a new five-week high of 2.61% for a 4bp swing on the day, boosted by US equities opening to a new high before pausing on the mixed inflationary signals in the MNI Chicago PMI for Dec.
  • The breakeven has increased 23bps over the past ten days from 2.38%, coinciding with expectations that Omicron will be less severe than first feared.
  • The MNI Chicago PMI showed supplier deliveries falling (continued port congestion & trucking issues) and inventories rising (stocking up to combat supply chain disruptions) but order backlogs were the lowest this year and prices paid eased marginally to a seven-month low.
  • The main drivers in the very short-term are likely headlines and year end positioning, before the Markit PMI on Mon, ISM and JOLTS on Tue, FOMC minutes on Wed and Bullard speaking Thu (becoming a voter next year).
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