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

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

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI China Daily Summary: Tuesday, July 23

GERMANY AUG GFK CONS CLIMATE -18.4 (-21.0 F'CAST; -21.6 JULY)

INDON Curve Out-Performs As Investors See Rate Hikes Ending

MNI: UK APR-JUN MEDIAN PAY AWARDS +4.9% :Brightmine

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

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Treasuries Rally After Setting Fresh Cycle Highs

US TSYS
  • Cash Tsy yields have rallied off new cycle highs, initially seemingly on spillover from Gilts retracing before a broader bid most recently to leave them modestly richer across the curve. The front and very long ends underperform, the former coming as Fed Funds futures earlier priced a 5% terminal rate for the May’23 FOMC.
  • 2YY +0.3bps at 4.559%, 5YY -2.5bps at 4.332%, 10YY -2.1bps at 4.113%, and 30YY -0.2bps at 4.123%.
  • TYZ2 trades 3+ ticks higher at 110-03+ on solid volumes. It's off a session low of 109-19+ that forms new support having cleared the psychological 110-00 and 109-23+ (Nov 30, 2007 low, cont) after which lies 108-18+ (1.00 proj of Oct 4 -11-13 price swing).
  • Data: Philly Fed for Oct, weekly jobless claims, existing home sales for Sep and the leading index for Sep.
  • Fedspeak: Harker (’23 voter) then Governors Jefferson, Cook and Bowman
  • Issuance: US Tsy $21B 5Y TIPS auction (91282CFR7) – 1300ET
  • Bill issuance: US Tsy $65B 4W, $55B 8W bill auctions – 1130ET
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