MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

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

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US TSYS
Treasury and SOFR futures trading weaker after the early exchange close ahead of the Memorial Day holiday weekend. Front month 10Y futures are currently trading -5 at 112-15 vs. 112-05.5 lows, curves extending inversion on the day are off session lows: 2s10s at -76.594 (-4.832) vs. -78.792 low.
  • Fast two-way trade reported as Treasury futures reversed gains following flurry of data: Durable Goods Orders +1.1 vs. -1.0% est, PCE +0.4% vs. +0.3% est. Core PEC and Non-Housing Services Surprisingly Accelerate In April.
  • Core PCE inflation was stronger than expected in April at 0.380% M/M (cons 0.3) after a stronger skew to Q1 revisions from yesterday’s quarterly data. Q1 was revised up from 4.94% to 4.96% annualized but it consisted of larger upward revisions in Feb and Mar with a partly offsetting lower figure back in January.
  • Rates bounced briefly following slightly higher than expected UofM Sentiment at 59.2 vs. 58.0, 1Y inflation expectation lower than estimated at 4.2%.
  • Projected policy moves have risen to the top of the range since Wednesday's FOMC minutes showed officials split on the early May hike: Fed funds implied 25bp hike at the next FOMC on June 14 has climbed to 16.1bp.
  • July cumulative is +25.5bp at 5.328%, November cumulative 7bp at 5.144%, Dec'23 cumulative -7.7bp at 4.994%, while Jan'24 cumulative is -22.9bp (vs. over a full point earlier in the month) at 4.743%. Fed Terminal has climbed to 5.32% in Aug'23 this morning.
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