MNI: China CFETS Yuan Index Up 0.48% In Week of Mar 29

MNI: PBOC Sets Yuan Parity Lower At 7.0938 Mon; -4.78% Y/Y

MNI: PBOC Drains Net CNY48 Bln Via OMO Mon; Rates Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.0938 MON VS 7.0950

MNI BRIEF: China March Mfg. PMI Returns To Expansion

BOJ MAR TANKAN: SMALL MFG INDEX -1; DEC +2; MEDIAN -1

BOJ JUN TANKAN LARGE MFG INDEX FORECAST AT +10

MNI BOJ MAR TANKAN LARGE MFG INDEX +11; DEC +13; MEDIAN +10

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Market Roundup: Volatile End to Volatile Week

US TSYS
Another volatile session for US markets, Tsys and equity markets extending session lows in late morning trade after posting decent gains on the open.
  • Several factors contributing to the reversal off highs: bonds initially followed Gilts after UK PM Liz Truss televised conf re: mini-budget comments, reversing planned freeze on corporate tax, comments on sacking of Chancellor Kwarteng (more on that shortly).
  • Bonds gapped lower/extend session lows after U-Mich 1Y inflation exp climbed to 5.1% vs. 4.6% est - first time since March. Yield curves bounced off deepest inversion since April 2000 (2s10s -55.877) briefly before short end support waned.
  • Lead quarterly EDZ2 futures extending session lows (-0.055 at 94.900) as KC Fed George and VC Cook express need for ongoing rate hikes to combat inflation, SF Fed Daly sees Fed "likely to raise interest rates as high as 5% to tackle stubborn inflation and keep restrictive policy for some time, some of her most hawkish comments to date." Chances of 75bp hikes at both Nov and Dec FOMC meeting gaining.
  • Bond yields continued to gain ahead midday (30YY just below 4.0% at 3.9977%).
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