MNI BRIEF: ECB Cut On Disinflationary Process Trust-Centeno

CANADA MAY JOBS +26.7K VS FORECAST +20K, PRIOR +90.4K

MNI China Daily Summary: Friday, June 7

MNI BRIEF: Mexico Inflation 4.69% In May, Below Consensus

MNI BRIEF: China May Forex Reserves Rise On Weakened Dollar

MNI BRIEF: China Service Trade Grows Rapidly, Deficit Expands

JAPAN Q1 CAPEX REV -0.4% Q/Q; PRELIM -0.8%; MEDIAN -0.6%

MNI JAPAN Q1 GDP UNREV -0.5% Q/Q; PRELIM -0.5%; MEDIAN -0.5%

KPMG-REC Report on Jobs: Wage growth remains sticky in May

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

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

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

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Dovish Cues

US TSYS SUMMARY
Tsy futures finished strong Wednesday, near late session highs after the bell, long end leading on moderate volumes (TYU >1.3M), curves bull flattening.
  • Rates took early dovish cues from prepared text of Fed Chairman Powell's testimony to the House Committee on Financial Services. Cooling the chances of tapering in July after Chairman Powell noted the need for continued discussions "in coming meetings".
  • JUN FINAL DEMAND PPI (+1.0%, EX FOOD, ENERGY +1.0%) largely ignored. Sources reported real- and fast$ buying in intermediates, dealer buying in long end in early trade. Rates continued to drift back into Mon-Tues range as Chairman Powell's Q&A portion got underway.
  • Large Eurodollar flow: +50,000 EDM2 99.755 (+0.035) 99.76 last, lent further support for lead into Red packs (EDU2-EDM3) as tighter policy expectations cooled slightly.
  • Bonds climbed higher following US/CHINA geopolitical risk headline: U.S. TO EXTEND TRUMP-ERA HALT TO ECONOMIC DIALOGUE WITH CHINA, Bbg, Excerpt: "While Yellen's team, and those of other departments, are in touch with Chinese counterparts, the expectation for now is not to restart formal high-level talks, according to people familiar with the situation" Bbg.
  • The 2-Yr yield is down 2.6bps at 0.227%, 5-Yr is down 4.8bps at 0.7977%, 10-Yr is down 6.2bps at 1.3543%, and 30-Yr is down 5.8bps at 1.9889%.
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