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

MNI BRIEF: China State Planner To Increase Trade-in Support

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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Small Bull Flattening With Housing Data and 20Y Supply Eyed

US TSYS
  • Cash Tsys have seen mixed trade overnight but in relatively narrow ranges, leaving a very small bull flattening after yesterday’s more significant bear flattening. There was little clear impact from Biden and McCarthy showing signs of optimism but remaining far apart on a debt deal, with telephone talks and future meetings still in the pipeline.
  • The combination leaves 2s10s at -55bps off a low of -56.8bps for lows since May 3 barring initial volatility with May 10 CPI.
  • 2YY +0.2bp at 4.084%, 5YY -0.3bp at 3.522%, 10YY -0.4bp at 3.530% and 30YY -0.6bp at 3.847%
  • TYM3 trades just 1 tick higher at 114-30+ on subdued but in-line with recent average volumes of 220k. Having pieced the 50-day EMA, support is seen at 114-23 (May 16 low) followed by 114-01 (May 1 low) whilst resistance is eyed at 115-18+ (May 16 high).
  • Data: MBA mortgage apps weekly (0700ET), Housing starts/building permits Apr plus historical revisions (0830ET)
  • Fedspeak: Senate Banking hearing on Fed accountability (1430ET)
  • Note/bond issuance: US Tsy $15B 20Y Bond auction (91282CGK1) – 1300ET
  • Bill issuance: US Tsy $39B 17W bill auction – 1130ET
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