MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

MNI BRIEF: Treasury's Yellen: Inflation Moving To Fed's Target

Japan Tokyo Jul Core CPI +2.2% Y/Y

MNI BRIEF: Japan July Tokyo Core CPI Rises 2.2% Vs. June's 2.1%

MNI JAPAN JULY TOKYO CORE CPI +2.2% Y/Y; JUNE +2.1%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Post-FOMC Short End Adjustment

STIR

Heavy short end volume after the FOMC 25bp rate hike announcement, knee-jerk buying quickly met by better sell interest: Jun'23 SOFR futures currently -0.040 at 94.945. That said, implied rate hike for the next policy meeting on June 14 recedes:

  • Fed funds projected rate cuts for late 2023 climb above last week's highs: November cumulative currently -45.3bp (-31.1bp on 4/25) at 4.613, Dec'23 cumulative -68.2bp (-52.1bp on 4/25) at 4.383, while Jan'24 cumulative is at -89.5bp vs. a full three 25bp cuts last week.
  • Fed Terminal currently at 5.08% in Jun'23 this morning.
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