BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

New Home Sales Activity And Prices Continue To Cool

US EIA: CRUDE OIL STOCKS EX SPR -3.74M TO 436.5M JUL 19 WK

Services PMI Gains Continue To Diverge From Soft Manufacturing

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Swiss Officials Will Provide Liquidity to Credit Suisse

US TSYS
  • US rates surged higher Wednesday, breaching Monday's highs by midday on the back of softer than expected data and a sharp sell-off in European banks overnight, particularly Credit Suisse with Knock-on pressure experienced by BNP Paribas and Societe Generale.
  • Rates scaled back support later in the session on reports that Swiss officials FINMA will provide liquidity to Credit Suisse after shares fell approximately 30% earlier.
  • Exceptionally wide ranges (front Jun'23 SOFR futures halted for 2 minutes after hitting 50Bp range circuit breaker) and heavy volume on the day as front month Tsy futures extending highs after lower than expected PPI (MoM -0.1% vs. 0.3%; YoY 4.6% vs. 5.5% est), Empire State -24.6 vs. -7.9 expected, Retail Sales in line (-0.4%).
  • Yield curves see-sawed higher as short end support outpaced bonds in the first half, 2s10s climbed to -29.397 - highest since mid-October, front month 2Y futures tapped 104-01.62 high w/ 2Y yields back below 4% at 3.7115% low (vs. 4.4070% overnight high).
  • Short end rates, meanwhile, have gone back to Monday's implied hike levels anticipating rate cuts by mid-year, December cumulative at -84.0 to 3.741 while Fed terminal rate running at 4.835% in May.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.