MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1025 Weds; -5.39% Y/Y

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

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES -8.8B CAD IN FEB

ECB Underlying Inflation Metrics Support June Cut Consensus

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

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: Rates Ignore Debt Ceiling Optimism

US TSYS
Treasury futures are holding modestly weaker levels across the board after the bell, gradually paring losses over the last hour (10Y futures -10 at 114-19.5 vs. 114-15.5 low) while curves maintain flatter profiles (2s10s -57.626 vs. -60.549 low).
  • Markets remained sensitive to debt ceiling headlines, though the phenomena was not as apparent in rates as it was in equities as stocks rallied on hopes over a "doable" debt ceiling plan by Sunday. Treasury futures uncoupled from the improved risk appetite and instead traded weaker/curves flatter as projected rate cuts by year end softened (Fed fund futures now only pricing in 55.1bp in cumulative cuts by December to 4.524% vs. over a full point a week ago).
  • Rates showed little initial reaction to latest housing starts (1.401M) building permits (1.416M) data, and inching off lows briefly after the $15B 20Y bond auction (912810TS7) trades through: 3.954% high yield vs. 3.962% WI; 2.56x bid-to-cover vs. prior month's 2.66x.
  • CNN has reported that Treasury Secretary Janet Yellen will meet with bank CEOs, including JPMorgan Chase's Jamie Dimon and Citigroup's Jane Fraser on Thursday. The meeting has been previously reported but unconfirmed.
  • Note, Fed Chairman Powell and former Fed Chairman Bernanke will have live discussion on policy this Friday at 1100ET.
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