MNI: PBOC To Aim To Drive Inflation Higher- Advisors

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MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

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AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Pressured On Wednesday

US TSYS

TYZ3 deals at 107-23+, +0-05, a touch above late NY levels.

  • Cash Tsys finished 4-8bps cheaper across the major benchmarks, light bear flattening was apparent.
  • Pressure was seen after the latest Durable Goods data was stronger than forecast, however there was a strong downward revision to the July number.
  • Minneapolis Fed President Kashkari said that if inflation persists the Fed may have to hold rates steady through 2024, the latest dot plot showed rate cuts in 2024.
  • WTI extended recent gains, rising ~3.5%, as inventories fell to the lowest since July 2022.
  • There is a thin docket in Asia today, further out we have Initial Jobless Claims and 3rd read of GDP. Fedspeak from Chair Poweel and Chicago Fed President Goolsbee is due. We also have the latest 7-Year Supply.
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