MNI China Daily Summary: Tuesday, Aug 27

MNI BRIEF: Japan's July Trimmed Mean Rises 1.8% Vs. 2.1% - BOJ

MNI: PBOC Net Injects CNY323.4 Bln via OMO Tuesday

MNI BRIEF: China Urges Canada To Drop Additional EV Tariffs

MNI BRIEF: China Industrial Profits Expanded Further In July

MNI: PBOC Sets Yuan Parity Higher At 7.1249 Tues; +2.38% Y/Y

MNI: US CONF BOARD CONSUMER CONFIDENCE 103.3 IN AUG V JUL 101.9

MNI: US Q2 FHFA HPI Q/Q SA +0.9% V +5.7% Q2 2023

MNI:US JUN FHFA HPI SA -0.1% V +0.0% MAY; +5.1% Y/Y

UK: Week Ahead

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Mild Twist Steepening As Fed Commentary Digested

US TSYS
  • Cash Tsys have seen a mild twist steepening this morning after a broader sell-off late yesterday on more hawkish Fed commentary from different members leaning towards a March hike and 3+ hikes for 2022.
  • 2Y yields -0.4bps at 0.915%, 5Y +0.2bps at 1.521%, 10Y +0.7bps at 1.750% and 30Y +0.7bps at 2.093%.
  • TYH2 has traded in a narrow range today, down 6.5 ticks at 128-12 near the low end of yesterday’s range. Support is seen at 127-30 (1.764 proj of Dec 20-29-31 price swing) whilst resistance is 129-00 (Jan 6 high).
  • Further inflation data with US PPI for Dec (0830ET). Consensus has core at +0.4% M/M after 0.7% M/M.
  • Fedspeak: Brainard hearing at 1000ET, Barkin (2024) at 1200ET, Evans (2023) at 1300ET and separately the Dallas Fed discussion on the search for its new president.
  • Tsy issuance: $50B 4W and $40B 8W bill auctions (1130ET) before $22B 30Y Bond re-open (1300ET).
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