CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

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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US TSYS

TYH3 deals 113-00 +0-01 in early trade, a touch above levels seen in late NY trading.

  • Cash treasuries bear steepened on Tuesday, running 4-8bp cheaper at the bell. 2s10s inversion continues to ease after printing a fresh cycle extreme last week, now dealing at -72bp.
  • Tsys rallied ahead of NY trade on softer than expected CPI data out of Europe, before unwinding gains as the German harmonsied CPI measure was more stubborn than the state CPI readings suggested.
  • An active IG issuance slate, punctuated by a multi-tranche deal from Amazon, also weighed.
  • Fedspeak from Bullard repeated his call for additional interest rate hikes to a level that will restrict economic growth, setting the stage for a return to more ordinary monetary policy in 2023.
  • In Asia-Pac today we have Australia CPI and China PMIs. Further out we have Eurozone, French and Italian CPI as well as a slew of US data including wholesale inventories, GDP, MNI Chicago PMI and Fed Beige Book. Fedspeak from Bowman and Cook before Chair Powell speaks on the economic outlook and the labour market.
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