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

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

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

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Treasuries Outperform Amidst Subdued Volumes

US TSYS
  • Cash Tsys sit modestly richer across the curve with gains mainly coming with the European open and since then holding for modest outperformance to core EU FI.
  • Headlines and flow are likely to be main drivers today in a session with very much second tier data (aside from any large surprises in revisions) and the Fed in media blackout. This week’s earnings calendar sees 45.5% of the S&P 500 report but it sees a slow start with only Coca Cola of note today before tomorrow’s string of major corporates.
  • 2YY -2.3bp at 4.159%, 5YY -3.3bp at 3.630%, 10YY -3.0bp at 3.541% and 30YY -2.4bp at 3.752%.
  • TYM3 trades 7 ticks higher at 114-22 on very subdued volumes of 170k. Recent activity appears to be a bear flag, with focus on support at 113-30+ (Apr 19 low) whilst to the upside sits resistance at 115-00 (Apr 21 high).
  • Data: Chicago Fed Nat Activity Index (0830ET), Retail sales and inventory revisions (1000ET), Dallas Fed Manf. Activity (1030ET)
  • Bill issuance: US Tsy $57B 13W, $48B 26W bill auctions – 1130ET
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