MNI BRIEF: BOE Rate Cut Closer But Still Some Way Off - Pill

MNI China Daily Summary: Tuesday, April 23

RPT-MNI INTERVIEW: Kaplan Says Loose Fiscal Is Holding Up Cut

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1059 Tues; -5.03% Y/Y

EZ/UK Bond Supply Calendar: UK, GR Synd; DE Auction Wednesday

Tax Revenue Tracking Around E10bln Lower than YTD Forecast (2/2)

Tax Revenue Tracking Around E10bln Lower than YTD Forecast (1/2)

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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Gilts again the most volatile

BONDS
  • The higher volatility of gilts vs USTs or Bunds continues with gilts underperforming this morning as Fitch lowered the UK's outlook to negative (but affirmed the AA- rating). The gilt curve has bear steepened this morning.
  • The German curve has flattened with 10-year Bunds little moved but Schatz under some pressure this morning. There is a general re-pricing of the outlook for the ECB policy rate - with year-ahead expectations reversing the moves seen earlier in the week.
  • Looking ahead we have the Accounts of the ECB's September meeting due for release at 12:30BST / 7:30ET.
  • We also have a number of Fed speakers: Mester, Kashkari, Evans, Waller and Mester are all on the schedule.
  • TY1 futures are down -0-3 today at 112-14 with 10y UST yields up 0.9bp at 3.765% and 2y yields up 1.6bp at 4.167%.
  • Bund futures are down -0.09 today at 139.67 with 10y Bund yields up 0.1bp at 2.030% and Schatz yields up 6.4bp at 1.739%.
  • Gilt futures are down -0.85 today at 968.88 with 10y yields up 5.8bp at 4.086% and 2y yields up 3.1bp at 4.011%.
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