MNI: PBOC Injects Net CNY148 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0950 Fri; -4.70% Y/Y

CHINA PBOC INJECTS CNY150 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0950 FRI VS 7.0948

MNI BRIEF: Size Of June Cut Still Undecided -BCB's Campos Neto

MNI China Daily Summary: Thursday, March 28

Japan Feb Retail Sales +4.6% Y/Y

Japan Feb Ind. Output -0.1% M/M; Shipments -0.4% M/M

Japan Tokyo Mar Core CPI +2.6% Y/Y

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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

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

Not Easy Being a (Stock) Bear

US TSYS SUMMARY
Rates opened and held weaker levels throughout the session, inside range day with small variations in the first half: Tsy and equities bounced after Appaloosa's David Tepper said it's "difficult to be bearish on stocks" during a CNBC interview. S&Ps reversed gains after Tsy close to mildly weaker, NDX extended losses (-260.0) while Dow Indu's held strong gains +428.0).
  • No react to second tier data: Jan Wholesale inventories 1.3%; Sales 4.9%. Federal Reserve in media blackout through the March 17 FOMC annc. That said, Fed annc:
  • EXTENDS PAYCHECK PROTECTION PROGRAM FACILITY THRU JUNE; CLOSURE OF THREE 13(3) FACILITIES AS SCHEDULED MARCH 31; CLOSE COMM PAPER, MONEY MARKET, PRIMARY DEALER FACILITIES.
  • Yield curves hold mixed levels, spds vs. long end flatter: 5s30s near session lows late: 145.483, -4.344. 30YY near steady (2.3059% +.0085) despite the drop in Bond futures, 10s30s curve underperforming for couple reasons, sources citing a rise in inflation premium and SLR exemption is set to expire March 31 with no signs yet of extension.
  • Large Eurodollar spread volumes: +65,000 Red Mar/Red Jun spds, 0.040-0.050. Modest long put unwinds while core positions remain long rate hike insurance covering latter half 2022 to 2023. Several put spd over call spd skew plays in 1Y midcurves bought on day.
  • The 2-Yr yield is up 2.4bps at 0.1607%, 5-Yr is up 5bps at 0.8487%, 10-Yr is up 2.6bps at 1.5924%, and 30-Yr is up 0.5bps at 2.3028%.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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.