BOC WILL BE CONSDIERING FURTHER RATE CUTS

BOC DOESN'T SEE A RECESSION, RATHER SLOW GROWTH

BOC SAYS WEAKER CAD DRIVEN BY USD STRENGTH

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Post-Existing Home Sales Miss React

US TSYS
  • Treasury futures show little reaction to weaker than expected Existing Home Sales 4.14M vs. 4.22M est, prior up-revised to 4.22M from 4.19M; MoM: -1.9% vs. 0.8% est, while prior up-revised to -3.7% from -4.3%.
  • Treasury futures still weaker but off early session lows as they tracked EGB's rebound off UK CPI-tied lows early overnight. Jun'24 10Y futures currently -5.5 at 109-02 vs. 108-28.5 low (just through 108-29 technical support: 20-day EMA). Curves flatter, near lows, 2s10s -1.660 at -43.528.
  • Rate cut projections recede vs. late Tuesday levels (*): June 2024 at -5% w/ cumulative rate cut 1.2bp at 5.323%, July'24 at -18.0% (-20%) w/ cumulative at 5.8 (-6.3bp) at 5.278%, Sep'24 cumulative -18.3bp (-19.9bp), Nov'24 cumulative -26.1bp (-27.6bp), Dec'24 -40.2bp (-43.7bp).
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