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

this is a test, please ignore

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

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

US Treasury Auction Calendar

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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Gilts Offered

GILT SUMMARY

Having opened weaker, gilts have remained offered through the afternoon session and underperform EGBs.

  • Gilt cash yields are 1-6bp higher on the day with the curve 4-5bp steeper. Last yields: 2-year -0.1376%, 5-year -0.0775%, 10-year 0.2483%, 30-year 0.8296%.
  • The Mar 21 gilt future trades at 134.88 near the middle of the day's range (L: 134.68 / H: 135.16).
  • The final December services and composite PMI prints were a touch weaker than the initial readings.
  • The DMO sold GBP3.00bn of the 0.25% Jul-31 Gilt. A further GBP0.75bn was taken up through the PAOF.
  • The BoE purchased GBP1.48bn of medium-dated gilts with offer-to-cover of 1.60x
  • The BoE's Andrew Bailey earlier argued that financial stability risks from Brexit have been largely mitigated.
  • MNI earlier published an interview with a former senior BoE official about negative rates, which is available online.
  • Looking ahead, tomorrow sees the release of the December construction PMI.
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