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MNI BRIEF: NBP Holds Reference Rate At 5.75% As Expected

MNI China Daily Summary: Wednesday, July 3

US Treasury Auction Calendar

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US EIA: CRUDE OIL STOCKS EX SPR -12.16M TO 448.5M JUN 28 WK

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

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Inflation is at the forefront

BUNDS
  • A range bound session for Bund overnight, not too surprising given that all the attention is now on the US inflation data, which could result in some desk adjusting their probability of a 50bps hike (Or not).
  • Bund is now flat at 165.86 on the cash open.
  • Note that we do have another CPI reading on the 10th March, ahead of the 16th March FOMC meeting, but most economists would have provided their calls beforehand.
  • Yields remains key, as receivers, and yield hunters emerges.
  • Bund did stretch above initial target at 0.25% (printed 0.274% high), while BTP held the 1.9% and Gilt 1.5%
  • There isn't much left on the data front beside the US data, Portugal CPI is final reading, there will be some focus on the AHE and the Jan Budget statement., EU Economic forecast, and OPEC Oil market report.
  • SUPPLIES: 30yr $23bn.
  • SPEAKERS: ECB de Guindos, Villeroy, Lane and BoE Bailey.
  • EARNINGS: Today pre market, include Pepsi, CocaCola, Twitter, and Kellogg
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