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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Risk Appetite Continues to Improve

US TSYS
Tsys hold mixed levels after the bell, inside range across the board, curves steeper with bonds underperforming most of the session. Decent volumes are off Tue-Wed pace as June/Sep roll climbs near 90% complete ahead next Tue's First Notice date when Sep takes lead quarterly.
  • Early carry-over risk-on tone after May minutes showed no discussion of larger rate hikes. MNI interview MN Fed research Dir Mark Wright said policymakers may consider slowing the pace of interest rate hikes as they approach a neutral rate of interest, although officials have divergent views as to where that key juncture lies.
  • Bonds receded after mixed data: Q1 GDP weaker than exp at -1.5% vsd -1.3% exp, GDP Price Index little stronger than expected at +8.1% vs. +8.0%, Personal Consumption stronger +3.1% vs +2.8% exp, weekly claims lower ay 210k while continuing claims rise 1.346M vs. 1.310M est.
  • Bonds bounced off lows after strong $42B 7Y note auction (91282CES6) stops through: 2.777% high yield vs. 2.802% WI; 2.69x bid-to-cover vs. 2.41x last month.
  • Indirect take-up: climbs to 77.86% vs. 64.95% in April; Primary dealer take-up: 15.76% vs. 15.22% prior; Direct take-up: falls to new low of 6.38% vs. 19.82%.
  • Friday data calendar includes: Personal Income/Spending, Advance Goods Trade Balance and U-Mich Sentiment.
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