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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AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Bull Steepening On Growth Fears

US TSYS
  • Cash Tsys have seen a sizeable bull steepening as hike expectations are trimmed on continued growth fears as 10Y yields maintain below 3%. It has been helped overnight by chip giant TSMC experiencing downward adjustments in orders from major clients before downside risks in European manufacturing activity and a miss in Eurozone core CPI inflation.
  • 2YY -7bps at 2.884%, 5YY -7.3bps at 2.965%, 10YY -4.4bps at 2.969% and 30YY -1.8bps at 3.165%
  • TYU2 sits 7 ticks higher at 118-24 as it clears yesterday’s range with above average volumes. The resumption of the short-term trend has set an intraday high of 118-29+ with resistance eyed at 119-03+ (76.4% retracement of the May 26 – Jun 14 bear leg).
  • Data: ISM Manufacturing headlines today’s docket with regional Fed surveys and the MNI Chicago PMI pointing to downside risks to Bloomberg consensus of a fall from 56.1 to 54.5 in June.
  • No Fedspeak scheduled and or issuance today, with SIFMA recommending an early cash close today ahead of Monday’s Independence Day Holiday.
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