FED'S DALY SAYS THERE'S NO URGENCY TO CUT RATES

MNI China Daily Summary: Tuesday, April 2

MNI BRIEF: China to Incentivise Equipment Upgrades, Trade-Ins

MNI: PBOC Drains Net CNY148 Bln Via OMO Tues; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0957 Tues; -4.95% Y/Y

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

Seasonally Adjusted CPI Series: Flat Core Goods, Higher Services

EZ/UK Bond Supply Calendar: Belgian 30Y USD and Bund Auction Weds

MNI: US BLS: JOLTS QUITS RATE 2.2% IN FEB

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Condensed Treasury Supply Well Absorbed

US TSYS SUMMARY

Subdued start to the week, Tsys mildly weaker, holding narrow range near session lows since midmorning, while equities trade mildly weaker to near middle session range. Modest volumes, TYM leads with just over 1M futures, yield curves mixed, 5s30s flatter.

  • No relevant data Monday, focus on Tuesday CPI (MoM 0.4% est, 0.5% prior; Ex food & Energy MoM 0.1% est, 0.2% prior). Otherwise, hectic wk for Fed speakers ahead, Fed media blackout starts late Friday evening. Fed Chair Powell scheduled for moderated Q&A at Economic Club of Washington Wed, noon.
  • Condensed Treasury coupon auctions: market absorbed $58B 3Y notes and $38B 10Y note reopen, 3s on the screws while 10s tailed slightly (.3bp). Tsy likes to keeps at least one day between the auction date and settlement (April 15 for the 3Y, 10Y and 30Y Bond), while keeping the smallest WI period. Meanwhile, 2s and 5s will also both be auctioned on Mon, April 26, followed by the 2Y FRN and 7Y note auctions on April 27, ahead of the April 30 settlement date due to the FOMC policy announcement falling on April 28.
  • Just over $8B swappable corporate supply priced on session, generating soem two-way flow in intermediates.
  • By the bell the 2-Yr yield is up 1.4bps at 0.1688%, 5-Yr is up 2.6bps at 0.8886%, 10-Yr is up 1.4bps at 1.6728%, and 30-Yr is up 1.4bps at 2.3434%.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.