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CHINA SETS YUAN CENTRAL PARITY AT 7.0996 MON VS 7.1004

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MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Mkt Roundup: Weaker FI, Curves Re-Steepening

US TSYS

Tsys see-sawing in weaker range by midmorning, near lows on moderate volumes (TYM2>965k). Generally quiet end to the week: no react to Wholesale inventories (2.5%)/trade sales (1.7%) earlier. Two-way positioning/squaring up ahead the weekend, markets keeping wary eye on geopol headline risk re: Russia war in Ukraine, continued global sanctions.

  • Yield curves inching steeper again after scaling back a portion of the week's bounce off early Mon's inverted lows. Currently, 2s10s nearly 30bp off Sunday evening inverted low of -9.531 at +20.108 (+.886) while 3s, 5s and 7s remain inverted vs. 10s (-0.642, -4.757, -6.991 respectively).
  • Fresh cycle lows: June 10Y futures at 120-08.5 (-9) vs. 119-29 session low print - breaching key support of 120-04+ (Low Dec 12/13 2018) and 120.00 (Low Dec 6 2018), opens way to next key support of 119-22.
  • Weaker June 30Y Bonds (USM2) off midmorning lows of 143-06 at 143-18 (-22), 30YY at 2.7165 (+.0375) vs. 2.7313% high.
  • Current cross asset: West Texas Crude (WTI) -$0.13 (-0.14%) at $95.86; Gold +$11.35 (0.59%) at $1943.30. Stocks generally higher, SPX eminis off lows +13.25 (0.29%) at 4509.25.
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