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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Rates Back on the Downswing

US TSYS SUMMARY

Rates swung back to weaker levels Wednesday, near late session lows to around mid-range for the week, curves rebound from prior session flattening (2s10s +1.191 at 25.288; 5s10s +.534 at -.823. Current 10YY back over 3% at 3.0289% +.0553; 30YY at 3.1782 +.0537.

  • It appears as if markets are trying to anticipate "either runaway inflation (stagflation) or a train wreck of a recession, with nothing in between," one desk quipped. "That puts 10yr forecasts in a range of 4+% and 2%," they jokingly estimated.
  • Focus on Friday's May CPI (0.7% est vs. 0.3% prior), while futures traded lower (still off early session lows) after $33B 10Y note auction (91282CEP2) reopen tails yet again: 3.030% high yield vs. 3.017% WI; 2.41x bid-to-cover off last month's 2.49x.
  • No react to Tsy Sec Yellen testimony again: "I SEE NO WAY IN WHICH INFLATION IS A DECADE-LONG MATTER" Bbg.
  • SEC head Gary Gensler targeting payment for order flow as he speaks remotely for Piper Sandler conference: "Outlines Other Possible Changes to Stock-Market Rules" WSJ.
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