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

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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

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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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Curve Flattens In Asia

US TSYS

TYZ3 deals at 107-24, +0-01, a 0-06+ range was observed on volume of ~67k.

  • Cash tsys sit 2bps cheaper to 4bps richer across the major benchmarks, the cure has twist flattened pivoting on 7s.
  • Ranges were relatively narrow in today's Asian session, the early move higher was unwound in the short end of the curve as local participants perhaps used the opportunity to close long positions/add fresh shorts.
  • The highlight flow was a FV (11,950 lots) - US (3,850 lots) flattener.
  • Early in today's session SF Fed President Daly noted the neutral rate of interest could be higher than pre-pandemic.
  • The docket is light in Europe today, further out we have PPI and the minutes of the September FOMC meeting. Fedspeak from Gov Bowman, Gov Waller and Atlanta Fed President Bostic is also due. The latest 10-Year Supply is also due.
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