MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: SPAIN JUL FLASH HICP -0.7% M/M, +2.9% Y/Y

MNI: SPAIN Q2 FLASH GDP +0.8% Q/Q, +2.9% Y/Y

MNI: SWISS KOF JUL ECONOMIC BAROMETER 101

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

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Markets Update: Extending Lows

US TSYS
  • Largely quiet since this morning's hot CPI related sell-off, Treasury futures and stocks have quietly extended respective session lows in late trade.
  • Currently, Mar'24 10Y futures are -1-03 at 109-20 (early Dec'23 level), nearing initial technical support of 109-17 (50.0% of the Oct 19 - Dec 27 bull phase), 10Y yield marking 4.3104% high (Dec 1 lvl). Treasury curves are bear flattening (2s10s -4.853 -34.727) with short end underperforming as projected rate cut continue to evaporate in light of today's hot inflation measure.
  • Projected rate cut pricing continues to ebb: March 2024 chance of 25bp rate cut currently -10.6% (-18.3% late Monday) w/ cumulative of -2.6bp at 5.302%; May 2024 at -28.9% vs. -53.0% late Monday w/ cumulative cut of -9.9bp at 5.230%; June 2024 -57.7% vs. -80.3% late Monday w/ cumulative -24.3bp at 5.086%. Fed terminal at 5.3275% in Feb'24.
  • Look ahead: Wednesday dat focus on PPI revisions, Fed speakers Chicago Fed Goolsbee and Fed VC Barr.
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