MNI: PBOC Conducts Net CNY2 Bln Via OMO Mon; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.0947 Mon; -4.91% Y/Y

MNI: China CFETS Yuan Index Up 0.05% In Week of Apr 3

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.0947 MON VS 7.0949

MNI BRIEF: Monetary, Fiscal Policy Need Harmony - Campos Neto

Australia Feb Housing New Loan Commitments +1.5%

MNI BRIEF: Japan Feb Negative Real Wage Widens to -1.3%

MNI: US FEB CONSUMER CREDIT +$14.1B

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Higher ahead of the FOMC meeting

BONDS
  • Core fixed income has moved higher ahead of the FOMC decision later but has moved off its highs following EZ HICP data. The headline HICP data was lower than expected (which initially saw some spikes higher) but core inflation was a tenth higher than expected and that led Bunds to reverse all of the moves higher they had seen in European hours.
  • This morning's PMI data had little impact on markets with Spanish and Italian manufacturing PMI data higher than expected with the market waiting for the inflation data.
  • Now the inflation data is out the way, focus will switch back to the FOMC. The dovish risks to this meeting appear at least partly priced in, including some expectations of Statement language acknowledging decelerating inflation, or a clear signal that the end of the hiking cycle is near. However, there are many ways Powell could re-emphasize the FOMC’s view that the job is not nearly done yet. Powell will again steer attention away from the pace of hikes and toward the terminal level (which the FOMC envisages as higher than the market does), while pushing back against rate cut pricing for H2 2023. For more see the full MNI Fed Preview here.
  • TY1 futures are up 0-11 today at 114-27+ with 10y UST yields down -3.6bp at 3.475% and 2y yields down -1.8bp at 4.185%.
  • Bund futures are up 0.21 today at 137.03 with 10y Bund yields down -1.1bp at 2.272% and Schatz yields up 0.2bp at 2.635%.
  • Gilt futures are up 0.23 today at 104.74 with 10y yields down -2.8bp at 3.302% and 2y yields down -2.7bp at 3.406%.
HomepageBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.