BOC SAYS DON'T EXPECT RATES TO RETURN TO PRE-COVID LEVELS

MNI BRIEF: BOC Says Time For Rate Cut Is Nearing

BOC REITERATES TIME FOR RATE CUT IS GETTING NEARER

MNI WATCH: CNB Seen Cutting 50Bps to 5.25%, Signal Slower Pace

MNI China Daily Summary: Tuesday, April 30

MNI BRIEF: China To Keep Tackling Risks In Real Estate, Debts

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: Belgium ORI Facility on Friday

MNI: FED BALANCE SHEET TOTAL ASSETS -$40B TO $7.362T IN WEEK

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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EGB/Gilt - Big moves in peripheral

BONDS
  • Most of the action has been in peripheral spreads for EGBs.
  • BTP/Bund is now wider by over 10nps, and Greece/Bund by 18bps, and widest since November 2020.
  • Bund remains offered ahead of the US inflation data.
  • Gilts have mostly traded inline with Bund, albeit 0.9bp wider.UK 5/30s lean steeper, but we still trade at multi year low.
  • Looking ahead, US Core PCE, MNI Chicago PMI and Final Michigan are the data release.
  • Gilt futures are down -0.61 today at 124.88 with 10y yields up 4.8bp at 1.053% and 2y yields up 3.2bp at 0.671%.
  • Bund futures are down -0.90 today at 168.16 with 10y Bund yields up 4.4bp at -0.93% and Schatz yields up 2.0bp at -0.603%
  • BTP futures are down -2.24 today at 148.20 with 10y yields up 15.3bp at 1.203% and 2y yields up 10.7bp at -0.8%.
  • OAT futures are down -1.22 today at 164.09 with 10y yields up 6.5bp at 0.278% and 2y yields up 1.2bp at -0.642%.
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