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Supply Expectations (bbg)

CREDIT MACRO
  • €/£ IG/HY (incl. covered) increased to ~€11b this week vs. ~€3.5b last week and ~€4b fortnight ago.
  • $IG is more mute at $20b vs. $25-30b last week (actual $29b) - again expected to be front-loaded.
  • Macro focus is on tail-end of the week; Fed July Minutes and US payroll benchmark revisions on Wednesday. Latter will impact outright payrolls level from March 2024 - backward looking but could create rates vol if it is away from consensus for large downward revision. PMI's for all three regions and US weekly claims on Thursday, latter in focus as initial claims is a reference week for August Payrolls and should not be impacted by Hurricane Beryl. Powell speaking at Jackson Hole (Friday).

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