NORGES: RATES PROBABLY AT CURRENT LEVEL QUITE SOME TIME

RATES MAY NEED TO BE ON HOLD LONGER THAN ENVISIONED: NORGES

MNI: NORGES BANK LEAVES RATES UNCHANGED AT 4.50%

MNI WATCH: CNB Seen Cutting 50Bps to 5.25%, Signal Slower Pace

MNI China Daily Summary: Tuesday, April 30

MNI BRIEF: China To Keep Tackling Risks In Real Estate, Debts

Machine Orders Data Points To Slow And Gradual Recovery

Unemployment Steady; Projected to Rise Gradually

MNI: EUROZONE MAR UNEMPLOYMENT RATE 6.5%

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

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

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

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Markets Roundup: Bonds, Equities Extend Lows

US TSYS
Treasury futures continue to inch lower, Bonds leading sale (USM3 128-22 low, yield 3.9004% high) as curves hold mildly steeper profiles (2s10s +.887 -50.386) in midmorning trade.
  • Weaker stocks contributing (SPX Eminis 4128.0 low) to the general risk-off tone as markets fret over debt ceiling, Jake Sherman, Punchbowl News tweeting: "Speaker McCarthy says the debt limit deal MUST include something on work requirements. He said it’s a red line for him."
  • President Biden scheduled to meet with congressional leaders (McCarthy, Schumer, McConnell and Jeffries) at 1500ET to discus the debt limit again. Biden still expected to leave for G7 summit in Japan tomorrow.
  • Additional factors weighing on rates: nominal retail sales levels remain well above early 2021 levels, but that appears to be largely the effect of inflation - and April's Y/Y nominal growth was also the slowest since the contractions of 2Q 2020.
  • Corporate bond issuance, rate lock sales: Pfizer 8pt jumbo expected today, could be as large as $30B to help finance $43B Seagen deal.
  • Fed-speak all generally in-line with recent comments, latest from Atlanta's Barkin: support for holding rates but remains open to hikes if data warrants.
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