MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

MNI: China CFETS Yuan Index Down 0.05% In Week of Jul 19

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

CBRT Data Watch

NBH Data Watch

Pay concerns push back easing expectations; curve flattens

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

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Just Off Lows, 2-Year Yields Hit 15-Year High

US TSYS

U.S Tsys are little off worst levels but sit comfortably cheaper, as spillover from the regional reaction to hawkish language deployed by central bankers at Jackson Hole over the weekend has eased from its extremes.

  • Cash Tsys run 3.5-6.0bp cheaper across the curve, with 7s leading the way lower. 2s sit 4.5bp cheaper at writing, back from over 6.0bp cheaper, with 2-Year yields recording fresh 15-year highs at ~3.46% earlier. TYU2 is -0-13 at 117-05+, 0-03 off its session base.
  • Sep FOMC dated OIS now price in ~66bp of tightening at that meeting, with odds of a 75bp hike (vs. a 50bp hike) edging higher from the roughly even odds observed prior to Powell’s address on Friday.
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