TRUDEAU CALLS BOC RATE CUT 'A STEP IN THE RIGHT DIRECTION'

MNI BRIEF: BOC Governor Tiff Macklem Opening Statement

MNI BRIEF: Text of Bank of Canada Interest-Rate Decision

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Market Roundup, Bond Lead Sell-Off

US TSYS
Tsys selling off across the board, Bonds near recent lows (30YY +.0901 at 3.6514%) w/ curves bear steepening (2s10s +3.090 at -70.617). Decent volumes (TYH3 >855k) on a relatively subdued session before the Fed heads into policy blackout at midnight.
  • Lone data point underscores move: Existing home sales fell by less than expected in December, -1.5% M/M (cons -3.4%) after -7.9% M/M, faring better than the latest slide in pending home sales. It left an 18% decline on the year for the sharpest annual decline since 2008.
  • While Bonds dragging short end rates lower, market expectation for 25bp hike at next FOMC on Feb 1 stable: Fed funds implied hike for Feb'23 26.3bp, Mar'23 cumulative steady 45.6bp to 4.788%, May'23 steady at 56.1bp to 4.893%, terminal dips slightly to 4.895% in Jun'23.
  • No concerted headline driver weighing on long end as USH heads back near early Wed pre-BoJ annc lvl, is more tied concerted commentary from various central bank officials (not just Fed) on improved global outlook in past couple wks lending to intermediate-long end pressure on those growth prospects.
  • Up ahead: Fed Gov Waller, speaks at Council on Foreign relations at 1300ET.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.