MNI: Canada March Retails Flat After Feb Decline Led By Gas

STATSCAN SAYS FLASH RETAIL SALES WERE UNCHANGED IN MARCH

MNI China Daily Summary: Wednesday, April 24

MNI BRIEF: China Steel Demand Q2 Limited Rebound

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

MNI: PBOC Sets Yuan Parity Lower At 7.1048 Weds; -4.92% Y/Y

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: Italy, EU Auctions, BoE APF Monday

US EIA: CRUDE OIL STOCKS EX SPR -6.37M TO 453.6M APR 19 WK

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

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Mkts Discount More Hawkish Fed-Speak

US TSYS SUMMARY
Inside range session with Tsys trading modestly weaker after the bell, yield curves marginally mixed, equities mostly firmer (ESU1 +4.0 at 4240.0). Decent volumes on two-way positioning flow ahead Thursday's heavy economic data release schedule and continued Fed-speak.
  • Hawkish rhetoric returns with side of salt: after Atlanta Fed Pres Bostic called for two hikes in 2022 and two more in 2023 earlier today, Dallas Fed Pres Kaplan sees first rate hike in 2022 followed soon after by taper. Why the salt? Markets discounted either slow to react to Kaplan comments after the bell, or are seriously discounting the message as rates hold off session lows.
  • Other political headlines also discounted: Sens' Romney and Tester see infrastructure deal as soon as today.
  • The $61B 5Y note (91282CCJ8) auction tailed slightly: .02bp: high yield of 0.904% vs. 0.902% WI. Bid-to-cover 2.36x just over 5 month average of 2.35x. Indirects take-up declines to 57.62% vs. last month's 64.35% (prior high of 66.22% in August 2020); direct bidder take-up surged to 18.09% vs. 14.87% last month and 5M avg of 15.48%; primary dealer take-up: 24.29% just shy of the 5-month average of 24.88%.
  • The 2-Yr yield is up 3.8bps at 0.2661%, 5-Yr is up 2.8bps at 0.8829%, 10-Yr is up 2.7bps at 1.4903%, and 30-Yr is up 3bps at 2.1158%.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.