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JGBS

Cheaper On Wider Impetus

AUSSIE BONDS

YM Off Lows, Trouble Staying Offered In Wake Of GDP

FED

VIEW: BNP Paribas: Faster Tapering

US EURODLR FUTURES

Some Light Selling Seen

CHINA RATES

China Repo Rates Fall on Wednesday

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  • Czech President Milos Zeman has been in intensive care since October 10, one day after PM Babis was narrowly defeated by the three-party SPOLU coalition, which captured 27.8% of the vote (vs. Babis ANO 27.1% vote share).
  • The President alone, under the constitution, can decide who will lead to next government, but is currently too ill to carry out any work duty.
  • Yesterday, CNB policymaker Holub said in an interview that he was supporting bigger rate hikes following the aggressive 75bps rate increase in September.
  • As inflationary pressures remain elevated in the CEE region, central banks can continue to surprise the market in the coming meetings.
  • With Czech FRA 3Mx6M currently trading at 112bps above Pribor 3M, the market is currently expecting another two '50bps hikes' by January, which would bring the policy rate back to Q4 2008 levels (see chart).

Source: Bloomberg/MNI