MNI: PBOC Sets Yuan Parity Lower At 7.1043 Mon; -4.74% Y/Y

MNI BRIEF: China’s April Loan Prime Rate Unchanged

CHINA SETS YUAN CENTRAL PARITY AT 7.1043 MON VS 7.1046

MNI China Daily Summary: Friday, April 19

MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

MNI: BAKER HUGHES US RIG COUNT 619; OIL RIGS 511; GAS RIGS 106

EZ/UK Bond Supply Calendar: EU, UK Synd W/C 22 Apr, BoE APF Mon

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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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Inflation Concerns Underpin Bear Steepening

US TSYS SUMMARY

USTs have been under pressure on the back of intensifying concerns about inflation which have unsettled equity markets and caused sovereign bond curves to bear steepen.

  • UST cash yields are 1-3bp higher with the curve 1-2bp steeper. Last yields: 2-year 0.1568%, 5-year 0.7950%, 10-year 1.6182%, 30-year 2.3474%.
  • TYM1 trades at 32-15+, towards the bottom end of the day's range (L: 132-12+ / H: 132-23+)
  • There have been a slew of Fed speakers hitting the wires this afternoon. The San Francisco Fed's Daly stated that the modal outlook is positive, while the Atlanta Fed's Raphael Bostic stressed that the recovery still has a long way to go and that policy should remain accommodative.
  • The latter was reiterated by James Bullard who stated that it was too early to discuss tapering.
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