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

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Late Risk-On, SPX Nears Key Resistance

US TSYS
After holding near midday highs through the second half, US FI markets inching lower after the bell as equity indexes extend session highs: SPX eminis +66.0 at 4413.50 -- resistance of 4514.75 (Mar 22 high), a breach of which viewed as an important short-term bullish development and an extension would open 4578.50, the Feb 9 high.
  • Tsy 30YY back of 2.5 late: 2.5189% (+.0347), yield curves mixed 5s10s still well inverted -3.294 (-.328). Translation: uncertainty over pricing in forward policy (or confidence in Fed managing a soft landing) that is also inducing inversion in Eurodollar futures from EDM3 through EDM6.
  • Tsys had see-sawed off morning lows to midday highs, trading desks reporting two-way trade across the board ahead the $14B 10Y TIPS auction that drew -0.540% high-yield back on Jan 20.
  • Short end remains under pressure, trading desks reported domestic real$ selling in 2s earlier (various dealers starting to support 50bp hikes at May 4 FOMC). Two-way option-tied flow ahead serial April options expiring Friday, deal-tied selling across the curve.
  • US Data/Speaker Calendar (prior, estimate) at 1000ET:
    • Pending Home Sales MoM (-5.7%, 1.0%); YoY (-9.1%, -2.2%)
    • U. of Mich. Sentiment (59.7, 59.7); Current Conditions (67.8, 67.6)
  • Fed Speakers on tap Friday
    • SF Fed Daly opening remarks at annual mon-pol conference, time TBA
    • Fed Gov Waller discusses digital currency at 0910ET
    • NY Fed Williams mon-pol outlook, BIS panel event w/Bank of Peru, 1000ET
    • Richmond Fed Barkin on containing inflatio, Citadel event, 1130ET
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