NORGES BANK HEAD: EITHER HIKE OR EARLIER CUT POSSIBLE

NORGES BANK HEAD SEES POLICY RATE AT 4.5% TO END YEAR

MNI: NORGES BANK LEAVES RATE UNCHANED AT 4.5%

MNI: PBOC Net Injects CNY18 Bln Via OMO Thu; Rates Unchanged

CHINA PBOC CONDUCTS CNY20 BILLION VIA 7-DAY REVERSE REPOS THU

MNI: PBOC Sets Yuan Parity Higher At 7.1192 Thu; -1.93% Y/Y

IFO Upwardly Revises 2024 Growth Forecast by 0.2pp to +0.4% Y/Y

NOK Little Changed Ahead of Norges Bank; Hold In Rates Expected

Intermediate Goods Deflation Continues to Fade in May PPI

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Steady After Yesterday’s Bull-Steepening

US TSYS

TYZ3 is currently trading at 109-18, +0-01 from NY closing levels.

  • Yesterday US tsys bull-steepened, with yields 3-12bps lower across benchmarks.
  • The driving force was Governor Waller leaning dovish by touting potential cut timings. In the Q&A, Waller suggested that if inflation continues to cool for maybe three to five months, the Fed could lower the policy rate.
  • Governor Bowman’s reiteration that she continues to expect the need for a further hike held little sway.
  • Fed Fund futures priced an additional 10bps of easing for next year, taking it to a cumulative 100bps.
  • The 10-year fell 7bps to 4.32%, not seen since September, despite the cheapening impulse from the largest tail (2.1bps) for a 7Y tsy auction since Nov 2022.
  • Today sees the second Q3 GDP release including core PCE before Fedspeak from Cleveland Fed’s Mester (’24 voter) on financial stability and the Fed’s Beige Book.
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