MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

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Off Lows Post 10Y TIPS, Focus on Fed Gov Brainard

US TSYS
Tsy futures extending session lows heading into the $17B 10Y TIPS auction - bounce slightly after issue awarded 1.220% high yld vs. WI 1.277%, 2.79x bid-to-cover best in appr 4 years. Tsy 30YY currently tapping 3.5976% high, yield curves mildly steeper in the short end vs. intermediates (2s10s +.206 at -71.480).
  • Post-data volatility, Tsys had been rebounding off pre-open lows, experienced fast two-way post data (claims +190k vs. 214k est; Philly Fed -8.9 vs. -11.0 est; house starts 1.382M vs. 1.358M est) - extended bounce before reversing course.
  • Fed funds implied hike for Feb'23 slips 0.3 to 26.9bp, Mar'23 cumulative 45.6bp to 4.788%, May'23 55.6bp to 4.882%, terminal at 4.890% in Jun'23.
  • Earlier Fed speak Boston Fed President Susan Collins said interest rates will likely need to rise in more measured steps to just above 5% and then stay at that level for some time in order to tame inflation that reached near 40-year highs.
  • Focus now on Fed Gov Brainard: Higher Inflation in Core Services, Excluding Housing, Might Not Be Heavily Wage Driven, WSJ. Brainard remarks
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