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CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1201 MON VS 7.1196

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MNI: PBOC Net Injects CNY8 Bln Via OMO Fri; Rates Unchanged

MNI: BAKER HUGHES US RIG COUNT 588; OIL RIGS 485; GAS RIGS 98

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

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GoCs Extend Outperformance To Tsys Post Macklem

CANADA
  • Little mention of the yesterday’s CPI data which showed a sizeable moderation in three-month core rates (aside from headline CPI has fallen from 8.1% in Jun’22 to 3.1% Y/Y last month).
  • “Stay the course” mentioned four times in the speech.
  • Despite that, GoCs have further outperformed Tsys with the 2Y rallying 1.7bps (2Y Tsy 0.6bp) and the 5Y 2.7bps (2Y Tsy 1.2bp) since the remarks were published. It leaves GoCs ranging from 0.5bp richer to 1.5bp cheaper, with the 2YY Can-US diff now -51.5bps.
  • USDCAD has drifted 5-10 pips lower to 1.3735 in line with a broader USD move.
  • “But if high inflation persists, we are prepared to raise our policy rate further" is unlikely seen as a surprise as the minutes for the October meeting already showed some members felt it was more likely than not that further hikes would be needed.
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