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China Property Tax Implementation Inevitable: Yicai


Holding Lower

US TSYS: T-Notes consolidating just off their Tuesday highs in early Asia-Pac
trade, to last print +0-00+ at 139-07. Tuesday saw the contract tick higher, as
it stuck to the well-established recent range, on light volume, as the cash
curve bull flattened.
- Fedspeak was relatively guarded, with the likes of Bostic pointing to a recent
levelling off of activity. Still it was Vice Chair Clarida's remarks that
garnered the most attention, as he noted that there is "no limit" re: how many
bonds the central bank can buy, as well as pointing to the ability to employ
deeper forward guidance and scope for the Fed's lending backstops to remain in
place for as long as needed.
- Elsewhere, the latest round of 3-Year supply came in virtually on the screws.
The cover ratio eased at the margins, but was in line with the broader recent
averages, while dealer takedown remained below average.
- Little to rock the boat on today's Asia-Pac docket, so focus will fall on
headline flow and familiar risk matters.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |