MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: PBOC Net Injects CNY57 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1315 Fri; -0.52% Y/Y

EZ/UK Bond Supply Calendar: Belgium Auction, BoE APF on Monday

Intermediate PPI Deflation Continues To Fade in June

MNI: GERMANY JUNE PPI  +0.2 % M/M (+0.1% FCAST, 0.0% PRIOR)

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

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FED Non-Voter Bostic Underpins Tsy Bid

US TSYS
  • Treasury futures rebounded off midmorning lows, are drifting near the top end of the range with curves extending inversion: 2s10s marking -99.634 low.
  • Second half support arrived after 20Y Bond auction re-open stopped through, strong auction drawing 4.01% high yield vs. 4.03% WI; 2.87x bid-to-cover vs. prior month's 2.56x.
  • Meanwhile, Atlanta Fed Bostic (non-voter) supports holding the fed funds rate at the current 5%-5.25% target range and letting past rate increases work their way through the economy, adding the bar to justify further rate hikes is higher than it was a few months ago.
  • Not too much of a reaction to Fed Chairman Powell semi-annual testimony to Congress earlier, reiterating talking points from last week's hawkish hold. He said last week's decision to hold rates steady for the first time since March 2022 reflected "how far and how fast we have moved," adding that future decisions will be made on a meeting-by-meeting basis.
  • Chairman Powell reappears at Senate Banking Committee tomorrow at 1000ET.
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