BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

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

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Cautiously Emerging From Lockdown

GILT SUMMARY

Gilts initially opened higher but quickly sold off through the morning and remain offered on the day.

  • Cash yields are 1-2bp higher with the curve close to flat overall. Last yields: 2-year 0.0854%, 5-year 0.3911%, 10-year 0.8756%, 30-year 1.4101%
  • The Jun 21 gilt future trades at 127.35, 7 ticks off the day's low.
  • The UK has continued with its current plan for easing lockdown measures, while remaining vigilant to the threat posed by the Indian variant of the Covid virus.
  • The BoE purchased GBP1.147bn of short-dated gilts with offer-to-cover of 2.56x.
  • Looking ahead, labour market data for April/March will be published tomorrow, with CPI and retail sales for April published on Wednesday and Friday respectively. The preliminary PMI estimate for May will also be out on Friday.
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