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

MNI: UK JAN-MAR MEDIAN PAY AWARDS +4.8% :XpertHR/Brightmine

Brightmine (XpertHR): Pay Deals Fall to 4.8%; Expected 5% for 2024 Overall

US Treasury Auction Calendar

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 On To Post-BoJ Bull Flattening Ahead Of Stacked Docket

US TSYS
  • Fed rate expectations may have shrugged off the BoJ decision to push back against market pressure and maintain existing policy but cash Tsys have been left richer. No change in BoJ YCC has seen largest moves left in 10Y yields, currently down 7bps but still almost 6bps above post-CPI lows from last week.
  • A stacked session ahead with multiple important monthly data releases, four Fed speakers, the Beige Book and 20Y supply.
  • 2YY -3.0bp at 4.175%, 5YY -5.5bp at 3.566%, 10YY -7.0bp at 3.477%, 30YY -6.2bp at 3.599%.
  • TYH3 trades 11+ ticks higher at 115-01, off Friday highs of 115-15+ but with the trend needle still pointing north. Support meanwhile is seen at 113-29 (20-day EMA)
  • Fedspeak: Bostic (’24) 0900ET, Bullard (non-voter) 0930ET, Harker (’23, text) 1400ET at same time as Fed Beige Book before Logan (‘23, text) 1700ET.
  • Data: Retail sales Dec (0830ET), PPI Dec (0830ET), NY Fed service business activity Jan (0830ET), IP Dec (0915ET), Inventories Nov (1000ET), NAHB index Jan (1000ET), TIC flows Nov (1600ET) plus usual weekly MBA data (0700ET).
  • Bond issuance: US Tsy $12B 20Y reopen (912810TMO1) – 1300ET
  • Bill issuance: US Tsy $36B 17W Bill Sale – 1130ET
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