NORGES: RATES PROBABLY AT CURRENT LEVEL QUITE SOME TIME

RATES MAY NEED TO BE ON HOLD LONGER THAN ENVISIONED: NORGES

MNI: NORGES BANK LEAVES RATES UNCHANGED AT 4.50%

MNI WATCH: CNB Seen Cutting 50Bps to 5.25%, Signal Slower Pace

MNI China Daily Summary: Tuesday, April 30

MNI BRIEF: China To Keep Tackling Risks In Real Estate, Debts

MNI: BAKER HUGHES US RIG COUNT 605; OIL RIGS 499; GAS RIGS 102

BoE Data Watch

RBA Data Watch

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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Holding Cheaper After Retail Sales and Broader Confluence Of Factors

US TSYS
  • Cash Tsys heading nearer the close with the 2Y +13bps after most of the action came early with retail sales. Even though the ex-autos & gas/control group beats were small, they were treated as at least ruling out consumers coming under the cosh following banking stresses and built on better-than-expected large bank earnings landing beforehand.
  • Moves were further stoked by hawkish commentary from the Fed’s Waller before a surprise jump in near-term U.Mich inflation expectations.
  • The front end drags the rest of the yield curve higher, with 10YY +7.5bps (real yields +5.5bps), whilst in futures space, TYM3 trades at 114-28+ (-18) off a post-retail low of 114-23 that stopped short of 114-18 (Apr 3 low).
  • Fed Funds: 20bp hike for May FOMC, a cumulative 24bp of hikes for Jun, mostly reversed by Sep and moving onto 35bp of cuts from current levels to year-end vs closer to 50bps yesterday.
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